Susquehanna Fundamental Investments LLC Takes Position in RBC Bearings Incorporated (NYSE:RBC)

Susquehanna Fundamental Investments LLC bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,822 shares of the industrial products company’s stock, valued at approximately $2,380,000.

Other institutional investors also recently added to or reduced their stakes in the company. Hsbc Holdings PLC acquired a new stake in shares of RBC Bearings in the 4th quarter valued at $2,708,000. Steward Partners Investment Advisory LLC lifted its holdings in RBC Bearings by 16.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,168 shares of the industrial products company’s stock worth $333,000 after buying an additional 167 shares during the last quarter. Stifel Financial Corp boosted its position in shares of RBC Bearings by 2.6% during the 4th quarter. Stifel Financial Corp now owns 49,422 shares of the industrial products company’s stock worth $14,080,000 after acquiring an additional 1,271 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of RBC Bearings by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 12,540 shares of the industrial products company’s stock valued at $3,573,000 after acquiring an additional 120 shares during the last quarter. Finally, KBC Group NV acquired a new stake in shares of RBC Bearings during the 4th quarter worth about $155,000.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RBC. Raymond James started coverage on shares of RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Truist Financial cut their price target on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $287.67.

RBC Bearings Stock Down 0.2 %

RBC stock opened at $299.27 on Tuesday. RBC Bearings Incorporated has a 12 month low of $214.14 and a 12 month high of $309.01. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09. The company has a market cap of $8.75 billion, a price-to-earnings ratio of 46.76, a price-to-earnings-growth ratio of 3.65 and a beta of 1.51. The company has a fifty day moving average price of $288.77 and a 200 day moving average price of $277.53.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.33. The business had revenue of $406.30 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $1.98 earnings per share. Sell-side analysts expect that RBC Bearings Incorporated will post 8.95 earnings per share for the current year.

Insider Buying and Selling at RBC Bearings

In related news, Director Edward Stewart sold 3,000 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 20,461 shares of the company’s stock, valued at $5,672,607.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $831,720.00. Following the completion of the transaction, the director now owns 20,461 shares in the company, valued at approximately $5,672,607.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction 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 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. In the last ninety days, insiders have sold 41,327 shares of company stock worth $11,900,641. 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.