Seven Eight Capital LP Buys 1,430 Shares of RBC Bearings Incorporated (NYSE:RBC)

Seven Eight Capital LP boosted its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 57.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,930 shares of the industrial products company’s stock after purchasing an additional 1,430 shares during the period. Seven Eight Capital LP’s holdings in RBC Bearings were worth $1,060,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 1832 Asset Management L.P. bought a new position in shares of RBC Bearings during the 4th quarter valued at $27,000. Principal Securities Inc. bought a new position in RBC Bearings in the fourth quarter valued at about $30,000. DT Investment Partners LLC purchased a new position in RBC Bearings in the second quarter worth about $35,000. Opal Wealth Advisors LLC bought a new stake in shares of RBC Bearings during the 2nd quarter valued at about $41,000. Finally, Benjamin F. Edwards & Company Inc. increased its position in shares of RBC Bearings by 570.8% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 137 shares during the last quarter.

RBC Bearings Trading Down 1.5 %

Shares of RBC stock opened at $295.08 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. The stock has a fifty day simple moving average of $288.16 and a two-hundred day simple moving average of $275.77. The firm has a market capitalization of $8.63 billion, a PE ratio of 46.11, a PEG ratio of 3.49 and a beta of 1.51. RBC Bearings Incorporated has a 52-week low of $214.14 and a 52-week high of $309.01.

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

Insider Buying and Selling at RBC Bearings

In other news, CEO Michael J. Hartnett sold 503 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now owns 322,588 shares of the company’s stock, valued at $93,227,932. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total value of $145,367.00. Following the sale, the chief executive officer now directly owns 322,588 shares in the company, valued at approximately $93,227,932. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Hartnett sold 11,341 shares of the stock in a transaction dated Monday, September 16th. The shares were 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 of the company’s stock, valued at approximately $92,021,638.56. 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 in the last three months. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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