RBC Bearings Incorporated $RBC Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 57.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 931 shares of the industrial products company’s stock after selling 1,232 shares during the quarter. Townsquare Capital LLC’s holdings in RBC Bearings were worth $363,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Machina Capital S.A.S. acquired a new position in shares of RBC Bearings during the 2nd quarter worth $352,000. HB Wealth Management LLC purchased a new position in RBC Bearings during the 2nd quarter valued at about $237,000. Frontier Capital Management Co. LLC acquired a new position in RBC Bearings during the second quarter worth about $39,818,000. EULAV Asset Management lifted its holdings in shares of RBC Bearings by 20.6% in the third quarter. EULAV Asset Management now owns 78,600 shares of the industrial products company’s stock valued at $30,677,000 after purchasing an additional 13,400 shares in the last quarter. Finally, New England Research & Management Inc. acquired a new stake in shares of RBC Bearings in the third quarter valued at approximately $1,093,000.

RBC Bearings Stock Down 2.5%

Shares of NYSE RBC opened at $499.44 on Friday. The stock has a market capitalization of $15.79 billion, a PE ratio of 60.98, a P/E/G ratio of 3.41 and a beta of 1.53. The company has a quick ratio of 1.13, a current ratio of 3.18 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average of $467.04 and a 200-day moving average of $421.57. RBC Bearings Incorporated has a 52-week low of $297.28 and a 52-week high of $515.95.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, October 31st. The industrial products company reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.73 by $0.15. RBC Bearings had a return on equity of 10.47% and a net margin of 15.03%.The firm had revenue of $455.30 million for the quarter, compared to analysts’ expectations of $450.27 million. During the same quarter last year, the firm earned $2.29 earnings per share. The firm’s revenue for the quarter was up 14.4% compared to the same quarter last year. On average, analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Insider Activity at RBC Bearings

In other news, Director Steven H. Kaplan sold 700 shares of RBC Bearings stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $443.00, for a total value of $310,100.00. Following the transaction, the director directly owned 1,999 shares of the company’s stock, valued at $885,557. The trade was a 25.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

RBC has been the subject of several research reports. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Truist Financial set a $542.00 price target on RBC Bearings in a report on Friday, January 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of RBC Bearings in a research note on Monday, December 22nd. KeyCorp lifted their price objective on RBC Bearings from $475.00 to $535.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Finally, Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and upped their target price for the company from $390.00 to $500.00 in a report on Thursday, November 6th. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings has an average rating of “Moderate Buy” and a consensus price target of $489.17.

RBC Bearings 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.