Renaissance Technologies LLC Acquires New Position in RBC Bearings Incorporated (NYSE:RBC)

Renaissance Technologies LLC bought a new position in RBC Bearings Incorporated (NYSE:RBC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 43,400 shares of the industrial products company’s stock, valued at approximately $11,708,000. Renaissance Technologies LLC owned approximately 0.15% of RBC Bearings as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of RBC. Norges Bank acquired a new position in shares of RBC Bearings in the fourth quarter worth $83,318,000. Maren Capital LLC purchased a new position in RBC Bearings in the fourth quarter valued at about $80,912,000. Public Employees Retirement Association of Colorado increased its position in RBC Bearings by 1,362.5% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock worth $33,853,000 after purchasing an additional 110,705 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of RBC Bearings by 22.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock worth $93,626,000 after purchasing an additional 64,217 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of RBC Bearings by 30.4% during the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after buying an additional 48,209 shares during the last quarter.

RBC Bearings Price Performance

NYSE RBC opened at $295.45 on Monday. RBC Bearings Incorporated has a 1 year low of $214.14 and a 1 year high of $309.01. The company has a fifty day simple moving average of $288.21 and a 200 day simple moving average of $276.11. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. The company has a market cap of $8.64 billion, a P/E ratio of 46.16, a P/E/G ratio of 3.49 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.33. The company had revenue of $406.30 million during the quarter, compared to analysts’ expectations of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.98 earnings per share. On average, sell-side analysts predict that RBC Bearings Incorporated will post 8.85 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at RBC Bearings

In other news, CEO Michael J. Hartnett sold 503 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total transaction of $145,367.00. Following the completion of the transaction, the chief executive officer now directly owns 322,588 shares in the company, valued at $93,227,932. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Michael J. Hartnett sold 11,341 shares of the business’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 transaction, the chief executive officer now directly owns 320,053 shares in the company, valued at $92,021,638.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the sale, the chief executive officer now owns 322,588 shares of the company’s stock, valued at approximately $93,227,932. 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 90 days. 2.90% of the stock is currently owned by insiders.

RBC Bearings 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.