RBC Bearings Incorporated $RBC Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC decreased its position in RBC Bearings Incorporated (NYSE:RBC) by 57.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 931 shares of the industrial products company’s stock after selling 1,232 shares during the quarter. Townsquare Capital LLC’s holdings in RBC Bearings were worth $363,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Machina Capital S.A.S. acquired a new stake in shares of RBC Bearings in the 2nd quarter valued at about $352,000. HB Wealth Management LLC acquired a new stake in shares of RBC Bearings in the second quarter valued at approximately $237,000. Frontier Capital Management Co. LLC acquired a new stake in shares of RBC Bearings in the second quarter valued at approximately $39,818,000. EULAV Asset Management grew its position in shares of RBC Bearings by 20.6% during the third quarter. EULAV Asset Management now owns 78,600 shares of the industrial products company’s stock worth $30,677,000 after acquiring an additional 13,400 shares during the last quarter. Finally, New England Research & Management Inc. acquired a new position in shares of RBC Bearings in the 3rd quarter valued at $1,093,000.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of RBC Bearings in a research note on Monday, December 22nd. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Deutsche Bank Aktiengesellschaft set a $527.00 price target on RBC Bearings and gave the company a “buy” rating in a research report on Wednesday, December 17th. Truist Financial set a $542.00 price objective on RBC Bearings in a research report on Friday, January 9th. Finally, KeyCorp boosted their target price on RBC Bearings from $475.00 to $535.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus price target of $489.17.

RBC Bearings Stock Down 2.5%

RBC opened at $499.44 on Friday. The business has a 50 day simple moving average of $467.04 and a 200-day simple moving average of $421.57. RBC Bearings Incorporated has a 12 month low of $297.28 and a 12 month high of $515.95. The stock has a market capitalization of $15.79 billion, a P/E ratio of 60.98, a P/E/G ratio of 3.41 and a beta of 1.53. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.18 and a quick ratio of 1.13.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, October 31st. The industrial products company reported $2.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.73 by $0.15. The firm had revenue of $455.30 million during the quarter, compared to analysts’ expectations of $450.27 million. RBC Bearings had a return on equity of 10.47% and a net margin of 15.03%.RBC Bearings’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.29 earnings per share. On average, equities analysts anticipate that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Insider Activity at RBC Bearings

In related news, Director Steven H. Kaplan sold 700 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $443.00, for a total transaction of $310,100.00. Following the sale, the director owned 1,999 shares of the company’s stock, valued at approximately $885,557. The trade was a 25.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is owned by company insiders.

RBC Bearings Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.