TimesSquare Capital Management LLC Boosts Holdings in RBC Bearings Incorporated (NYSE:RBC)

TimesSquare Capital Management LLC raised its stake in RBC Bearings Incorporated (NYSE:RBC) by 17.3% during the third quarter, Holdings Channel reports. The fund owned 90,605 shares of the industrial products company’s stock after buying an additional 13,395 shares during the period. TimesSquare Capital Management LLC’s holdings in RBC Bearings were worth $27,125,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of RBC. Dimensional Fund Advisors LP increased its position in RBC Bearings by 22.7% in the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock worth $93,626,000 after buying an additional 64,217 shares during the last quarter. Maren Capital LLC lifted its holdings in RBC Bearings by 17.2% during the first quarter. Maren Capital LLC now owns 332,856 shares of the industrial products company’s stock valued at $89,988,000 after purchasing an additional 48,844 shares during the last quarter. American Century Companies Inc. boosted its position in RBC Bearings by 30.4% during the second quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock worth $55,745,000 after purchasing an additional 48,209 shares during the period. Douglas Lane & Associates LLC increased its stake in shares of RBC Bearings by 123.9% in the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock worth $22,085,000 after purchasing an additional 45,294 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of RBC Bearings in the second quarter valued at approximately $11,708,000.

RBC Bearings Trading Up 0.7 %

Shares of RBC Bearings stock opened at $319.85 on Friday. The company’s 50-day moving average price is $290.90 and its 200-day moving average price is $283.46. The company has a market cap of $10.05 billion, a price-to-earnings ratio of 46.69, a PEG ratio of 3.62 and a beta of 1.51. RBC Bearings Incorporated has a 12-month low of $216.79 and a 12-month high of $322.11. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). The firm had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.07 earnings per share. On average, equities analysts expect that RBC Bearings Incorporated will post 8.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Truist Financial reduced their price objective on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus price target of $287.67.

Insider Buying and Selling

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Michael J. Hartnett sold 3,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $284.23, for a total value of $852,690.00. Following the completion of the transaction, the chief executive officer now directly owns 294,120 shares in the company, valued at approximately $83,597,727.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Richard J. Edwards sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,327 shares of company stock worth $11,068,921 over the last ninety days. 2.60% of the stock is owned by corporate insiders.

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.