HighVista Strategies LLC Acquires Shares of 4,400 RBC Bearings Incorporated (NYSE:RBC)

HighVista Strategies LLC bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,400 shares of the industrial products company’s stock, valued at approximately $1,187,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 1832 Asset Management L.P. acquired a new stake in RBC Bearings in the fourth quarter worth about $27,000. Principal Securities Inc. acquired a new stake in shares of RBC Bearings during the 4th quarter worth approximately $30,000. DT Investment Partners LLC bought a new stake in shares of RBC Bearings during the second quarter worth approximately $35,000. Opal Wealth Advisors LLC acquired a new position in RBC Bearings in the second quarter valued at approximately $41,000. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in RBC Bearings by 570.8% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock valued at $44,000 after acquiring an additional 137 shares during the last quarter.

Insiders Place Their Bets

In related news, Director Edward Stewart sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the transaction, the director now directly owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total value of $831,720.00. Following the transaction, the director now directly owns 20,461 shares in the company, valued at $5,672,607.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 11,341 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the sale, the chief executive officer now owns 320,053 shares of the company’s stock, valued at approximately $92,021,638.56. The disclosure for this sale can be found here. Insiders have sold 41,327 shares of company stock valued at $11,900,641 in the last three months. 2.90% of the stock is currently owned by corporate insiders.

RBC Bearings Stock Down 1.4 %

Shares of RBC Bearings stock opened at $295.45 on Monday. The firm has a market cap of $8.64 billion, a PE ratio of 46.16, a P/E/G ratio of 3.49 and a beta of 1.51. The business’s 50 day simple moving average is $288.21 and its 200 day simple moving average is $276.11. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. RBC Bearings Incorporated has a 52-week low of $214.14 and a 52-week high of $309.01.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.33. The business had revenue of $406.30 million for the quarter, compared to analyst estimates of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.98 earnings per share. On average, analysts predict that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. The Goldman Sachs Group lifted their price objective on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Truist Financial decreased their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Raymond James began coverage on shares of RBC Bearings in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, William Blair began coverage on shares of RBC Bearings in a report on Wednesday, May 29th. They set an “outperform” rating for the company. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $287.67.

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.