Edgestream Partners L.P. Invests $2.25 Million in RBC Bearings Incorporated $RBC

Edgestream Partners L.P. acquired a new stake in RBC Bearings Incorporated (NYSE:RBC) in the 2nd quarter, Holdings Channel reports. The fund acquired 5,854 shares of the industrial products company’s stock, valued at approximately $2,253,000.

A number of other hedge funds have also made changes to their positions in RBC. Vista Finance LLC lifted its position in RBC Bearings by 4.1% in the second quarter. Vista Finance LLC now owns 915 shares of the industrial products company’s stock worth $352,000 after purchasing an additional 36 shares during the period. Associated Banc Corp raised its stake in shares of RBC Bearings by 6.3% in the 2nd quarter. Associated Banc Corp now owns 694 shares of the industrial products company’s stock worth $267,000 after buying an additional 41 shares in the last quarter. Sheets Smith Wealth Management raised its stake in shares of RBC Bearings by 0.9% in the 2nd quarter. Sheets Smith Wealth Management now owns 5,064 shares of the industrial products company’s stock worth $1,949,000 after buying an additional 44 shares in the last quarter. Quadcap Wealth Management LLC lifted its holdings in shares of RBC Bearings by 3.6% in the second quarter. Quadcap Wealth Management LLC now owns 1,352 shares of the industrial products company’s stock valued at $520,000 after buying an additional 47 shares during the period. Finally, Harbor Investment Advisory LLC boosted its stake in RBC Bearings by 19.8% during the second quarter. Harbor Investment Advisory LLC now owns 327 shares of the industrial products company’s stock valued at $126,000 after buying an additional 54 shares in the last quarter.

RBC Bearings Stock Performance

RBC Bearings stock opened at $442.97 on Friday. RBC Bearings Incorporated has a fifty-two week low of $290.56 and a fifty-two week high of $449.60. The firm’s 50 day simple moving average is $411.48 and its 200-day simple moving average is $393.62. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.18 and a quick ratio of 1.13. The company has a market cap of $14.00 billion, a P/E ratio of 54.09, a price-to-earnings-growth ratio of 3.09 and a beta of 1.53.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 EPS for the quarter. RBC Bearings had a net margin of 15.03% and a return on equity of 10.47%. The firm had revenue of $156.21 million during the quarter. As a group, equities research analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on RBC. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Truist Financial reaffirmed a “buy” rating and issued a $471.00 price objective (up previously from $455.00) on shares of RBC Bearings in a research note on Monday, November 3rd. Deutsche Bank Aktiengesellschaft set a $503.00 target price on shares of RBC Bearings and gave the company a “buy” rating in a research note on Wednesday, October 8th. Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $390.00 to $500.00 in a research report on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of RBC Bearings in a report on Monday. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $459.17.

Insiders Place Their Bets

In other RBC Bearings news, VP John J. Feeney sold 105 shares of the firm’s stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $382.83, for a total transaction of $40,197.15. Following the completion of the sale, the vice president directly owned 2,666 shares in the company, valued at approximately $1,020,624.78. This trade represents a 3.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Steven H. Kaplan sold 700 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $443.00, for a total value of $310,100.00. Following the completion of the transaction, the director owned 1,999 shares in the company, valued at $885,557. This represents a 25.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company’s stock.

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.