RBC Bearings Incorporated $RBC Shares Sold by Brant Point Investment Management LLC

Brant Point Investment Management LLC cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 41.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,000 shares of the industrial products company’s stock after selling 7,000 shares during the quarter. Brant Point Investment Management LLC’s holdings in RBC Bearings were worth $4,484,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Comerica Bank lifted its holdings in shares of RBC Bearings by 19.5% during the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock worth $40,486,000 after purchasing an additional 14,747 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of RBC Bearings by 263.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock worth $1,788,000 after purchasing an additional 2,709 shares during the period. Faithward Advisors LLC acquired a new stake in shares of RBC Bearings during the third quarter worth $2,826,000. DNB Asset Management AS lifted its holdings in shares of RBC Bearings by 91.6% during the third quarter. DNB Asset Management AS now owns 6,987 shares of the industrial products company’s stock worth $2,727,000 after purchasing an additional 3,340 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of RBC Bearings by 36.4% during the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock worth $137,669,000 after purchasing an additional 94,203 shares during the period.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RBC shares. Truist Financial reaffirmed a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. KeyCorp raised their target price on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Morgan Stanley raised their target price on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Wall Street Zen raised RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Price Performance

RBC Bearings stock opened at $603.22 on Friday. RBC Bearings Incorporated has a one year low of $363.05 and a one year high of $632.00. 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 business has a fifty day moving average of $586.12 and a two-hundred day moving average of $533.61. The company has a market cap of $19.09 billion, a P/E ratio of 66.36, a price-to-earnings-growth ratio of 3.49 and a beta of 1.42.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.83 earnings per share. As a group, analysts predict that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Edward Stewart sold 600 shares of RBC Bearings 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 $12,649,213.71. The trade was a 2.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.90% of the stock is owned by company insiders.

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.