Boothbay Fund Management LLC Takes Position in RBC Bearings Incorporated $RBC

Boothbay Fund Management LLC purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 22,058 shares of the industrial products company’s stock, valued at approximately $9,891,000. Boothbay Fund Management LLC owned 0.07% of RBC Bearings at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Lido Advisors LLC lifted its holdings in shares of RBC Bearings by 3.5% in the 4th quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock valued at $278,000 after buying an additional 22 shares during the period. UMB Bank n.a. lifted its holdings in shares of RBC Bearings by 7.1% in the 4th quarter. UMB Bank n.a. now owns 348 shares of the industrial products company’s stock valued at $156,000 after buying an additional 23 shares during the period. Assetmark Inc. lifted its holdings in shares of RBC Bearings by 4.6% in the 3rd quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock valued at $220,000 after buying an additional 25 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of RBC Bearings by 27.1% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock valued at $48,000 after buying an additional 26 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of RBC Bearings by 0.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock valued at $3,930,000 after buying an additional 27 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RBC. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, May 19th. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Morgan Stanley raised their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Truist Financial reaffirmed a “buy” rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Finally, KeyCorp raised their price objective on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.

RBC Bearings Stock Performance

RBC Bearings stock opened at $625.05 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The stock has a fifty day moving average of $590.40 and a two-hundred day moving average of $538.07. The company has a market capitalization of $19.78 billion, a price-to-earnings ratio of 68.76, a PEG ratio of 3.59 and a beta of 1.42. RBC Bearings Incorporated has a fifty-two week low of $363.05 and a fifty-two week high of $632.00.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.31. The company had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.RBC Bearings’s revenue was up 18.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.83 earnings per share. On average, analysts anticipate that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the transaction, the director owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.90% of the company’s stock.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.