Cubist Systematic Strategies LLC Raises Stake in RBC Bearings Incorporated (NYSE:RBC)

Cubist Systematic Strategies LLC boosted its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 219.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 5,755 shares of the industrial products company’s stock after purchasing an additional 3,956 shares during the period. Cubist Systematic Strategies LLC’s holdings in RBC Bearings were worth $1,553,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in RBC. Public Employees Retirement Association of Colorado boosted its holdings in shares of RBC Bearings by 1,362.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock valued at $33,853,000 after acquiring an additional 110,705 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of RBC Bearings by 22.7% in the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after acquiring an additional 64,217 shares in the last quarter. Maren Capital LLC boosted its holdings in RBC Bearings by 17.2% during the first quarter. Maren Capital LLC now owns 332,856 shares of the industrial products company’s stock worth $89,988,000 after buying an additional 48,844 shares in the last quarter. American Century Companies Inc. boosted its holdings in RBC Bearings by 30.4% during the second quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock worth $55,745,000 after buying an additional 48,209 shares in the last quarter. Finally, Douglas Lane & Associates LLC boosted its holdings in RBC Bearings by 123.9% during the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock worth $22,085,000 after buying an additional 45,294 shares in the last quarter.

RBC Bearings Stock Performance

NYSE:RBC opened at $302.45 on Wednesday. The firm has a 50 day simple moving average of $288.98 and a 200-day simple moving average of $277.81. 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 firm has a market cap of $8.84 billion, a PE ratio of 47.26, a P/E/G ratio of 3.43 and a beta of 1.51. RBC Bearings Incorporated has a 1-year low of $214.14 and a 1-year high of $309.01.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.33. The business had revenue of $406.30 million during 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 company’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.98 earnings per share. On average, equities analysts expect that RBC Bearings Incorporated will post 8.95 EPS for the current year.

Insider Activity

In other news, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the transaction, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the transaction, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 19,283 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the transaction, the chief executive officer now directly owns 317,814 shares of the company’s stock, valued at approximately $91,981,727.88. The disclosure for this sale can be found here. Insiders sold a total of 41,327 shares of company stock valued at $11,900,641 over the last 90 days. Insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

RBC has been the topic of a number of research analyst reports. Truist Financial decreased their price objective on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Raymond James initiated coverage on shares of RBC Bearings in a report on Friday, June 28th. They set a “market perform” rating on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus price target of $287.67.

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.