Carmel Capital Management L.L.C. Increases Stake in RBC Bearings Incorporated $RBC

Carmel Capital Management L.L.C. lifted its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 24.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 24,708 shares of the industrial products company’s stock after purchasing an additional 4,925 shares during the period. RBC Bearings comprises about 3.8% of Carmel Capital Management L.L.C.’s investment portfolio, making the stock its 11th biggest position. Carmel Capital Management L.L.C. owned 0.08% of RBC Bearings worth $13,419,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. purchased a new stake in RBC Bearings during the first quarter valued at about $26,000. SBI Securities Co. Ltd. increased its holdings in shares of RBC Bearings by 106.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after buying an additional 33 shares during the period. Larson Financial Group LLC increased its holdings in shares of RBC Bearings by 148.5% in the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of RBC Bearings in the 4th quarter valued at about $35,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of RBC Bearings by 123.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 53 shares during the last quarter.

RBC Bearings Trading Up 1.4%

NYSE RBC opened at $643.98 on Wednesday. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. 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 50 day simple moving average of $600.04 and a two-hundred day simple moving average of $550.55. The stock has a market cap of $20.38 billion, a P/E ratio of 70.84, a price-to-earnings-growth ratio of 3.67 and a beta of 1.42.

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

Insider Activity at RBC Bearings

In other news, VP John J. Feeney sold 225 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the sale, the vice president directly owned 2,378 shares of the company’s stock, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,425 shares of company stock worth $885,400 over the last quarter. Corporate insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on RBC. Morgan Stanley raised their price target on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Truist Financial restated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Finally, Weiss Ratings downgraded shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and an average target price of $584.00.

RBC Bearings Company Profile

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.