RBC Bearings Incorporated (NYSE:RBC) Position Increased by Torray Investment Partners LLC

Torray Investment Partners LLC lifted its holdings in RBC Bearings Incorporated (NYSE:RBC) by 10.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 8,404 shares of the industrial products company’s stock after buying an additional 825 shares during the quarter. Torray Investment Partners LLC’s holdings in RBC Bearings were worth $2,267,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. 1832 Asset Management L.P. acquired a new stake in RBC Bearings during the fourth quarter worth about $27,000. Principal Securities Inc. acquired a new stake in shares of RBC Bearings during the 4th quarter worth approximately $30,000. DT Investment Partners LLC bought a new stake in shares of RBC Bearings in the 2nd quarter worth approximately $35,000. Opal Wealth Advisors LLC acquired a new position in RBC Bearings during the 2nd quarter valued at approximately $41,000. Finally, Benjamin F. Edwards & Company Inc. grew its stake in RBC Bearings by 570.8% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after buying an additional 137 shares during the last quarter.

Analyst Upgrades and Downgrades

RBC has been the topic of a number of recent research reports. Morgan Stanley raised their target price on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. William Blair assumed coverage on shares of RBC Bearings in a research report on Wednesday, May 29th. They issued an “outperform” rating on the stock. The Goldman Sachs Group upped their target price on shares of RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Raymond James began coverage on shares of RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Truist Financial reduced their price objective on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $287.67.

Insider Activity

In related news, Director Michael H. Ambrose sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total value of $167,496.00. Following the transaction, the director now directly owns 6,728 shares in the company, valued at approximately $1,878,188.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other RBC Bearings news, Director Michael H. Ambrose sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total value of $167,496.00. Following the completion of the transaction, the director now directly owns 6,728 shares in the company, valued at $1,878,188.48. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares in the company, valued at approximately $3,669,789.13. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,800 shares of company stock worth $2,228,430. Insiders own 2.90% of the company’s stock.

RBC Bearings Price Performance

RBC Bearings stock traded down $1.78 during midday trading on Friday, hitting $282.59. The company’s stock had a trading volume of 114,966 shares, compared to its average volume of 142,638. RBC Bearings Incorporated has a 12 month low of $214.14 and a 12 month high of $309.01. The company has a quick ratio of 1.09, a current ratio of 3.01 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $8.17 billion, a PE ratio of 44.15, a price-to-earnings-growth ratio of 3.63 and a beta of 1.51. The stock’s 50-day moving average price is $285.99 and its 200-day moving average price is $274.67.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.33. The business had revenue of $406.30 million for the quarter, compared to the consensus estimate of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.98 EPS. Analysts anticipate that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

About RBC Bearings

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.