QRG Capital Management Inc. Purchases New Stake in RBC Bearings Incorporated $RBC

QRG Capital Management Inc. purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 613 shares of the industrial products company’s stock, valued at approximately $236,000.

Other hedge funds have also recently bought and sold shares of the company. NBC Securities Inc. purchased a new position in RBC Bearings in the first quarter valued at approximately $25,000. Advisors Asset Management Inc. purchased a new position in RBC Bearings in the first quarter valued at approximately $26,000. Golden State Wealth Management LLC raised its holdings in RBC Bearings by 107.1% in the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company’s stock valued at $85,000 after buying an additional 136 shares during the period. SVB Wealth LLC purchased a new position in RBC Bearings in the first quarter valued at approximately $111,000. Finally, Harbor Investment Advisory LLC raised its holdings in RBC Bearings by 19.8% in the second quarter. Harbor Investment Advisory LLC now owns 327 shares of the industrial products company’s stock valued at $126,000 after buying an additional 54 shares during the period.

Analyst Ratings Changes

A number of research firms have recently issued reports on RBC. Truist Financial lifted their price objective on shares of RBC Bearings from $431.00 to $455.00 and gave the company a “buy” rating in a research note on Monday, August 4th. KeyCorp lifted their price objective on shares of RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a research note on Tuesday, July 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of RBC Bearings in a research note on Wednesday, October 8th. The Goldman Sachs Group lifted their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Finally, Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus target price of $429.00.

RBC Bearings Stock Down 2.8%

RBC stock opened at $373.51 on Monday. RBC Bearings Incorporated has a twelve month low of $272.50 and a twelve month high of $416.33. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $11.79 billion, a P/E ratio of 47.04, a PEG ratio of 2.88 and a beta of 1.71. The firm has a 50 day simple moving average of $388.69 and a 200-day simple moving average of $370.23.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Monday, August 15th. The industrial products company reported $1.22 earnings per share for the quarter. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The business had revenue of $156.21 million during the quarter. On average, equities research analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RBC Bearings news, VP John J. Feeney sold 105 shares of RBC Bearings stock in a transaction on Friday, September 26th. The shares were sold at an average price of $382.83, for a total value of $40,197.15. Following the completion of the transaction, the vice president owned 2,666 shares of the company’s stock, valued at $1,020,624.78. The trade was a 3.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Daniel A. Bergeron sold 48,743 shares of RBC Bearings stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $402.75, for a total transaction of $19,631,243.25. Following the completion of the transaction, the chief operating officer directly owned 111,134 shares of the company’s stock, valued at approximately $44,759,218.50. This represents a 30.49% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.

RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.