MQS Management LLC Makes New Investment in RBC Bearings Incorporated (NYSE:RBC)

MQS Management LLC bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC) during the first quarter, Holdings Channel.com reports. The fund bought 1,267 shares of the industrial products company’s stock, valued at approximately $343,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Raymond James & Associates raised its position in RBC Bearings by 2.2% in the 4th quarter. Raymond James & Associates now owns 164,638 shares of the industrial products company’s stock valued at $46,904,000 after purchasing an additional 3,572 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in RBC Bearings by 16.3% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 1,890 shares of the industrial products company’s stock valued at $538,000 after acquiring an additional 265 shares during the last quarter. Pacer Advisors Inc. lifted its position in RBC Bearings by 80.7% during the 4th quarter. Pacer Advisors Inc. now owns 4,373 shares of the industrial products company’s stock worth $1,246,000 after acquiring an additional 1,953 shares during the period. Douglas Lane & Associates LLC acquired a new position in shares of RBC Bearings in the fourth quarter valued at approximately $2,548,000. Finally, Fifth Third Bancorp raised its stake in shares of RBC Bearings by 13.2% during the fourth quarter. Fifth Third Bancorp now owns 479 shares of the industrial products company’s stock worth $136,000 after purchasing an additional 56 shares during the last quarter.

RBC Bearings Price Performance

Shares of NYSE:RBC traded up $3.54 during trading on Thursday, hitting $287.66. 155,498 shares of the stock were exchanged, compared to its average volume of 144,937. The company has a market cap of $8.32 billion, a PE ratio of 44.95, a P/E/G ratio of 3.59 and a beta of 1.51. The company has a current ratio of 3.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.43. The company has a fifty day moving average price of $283.24 and a two-hundred day moving average price of $271.50. RBC Bearings Incorporated has a 12-month low of $203.65 and a 12-month high of $309.01.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, May 17th. The industrial products company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $0.22. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The company had revenue of $413.70 million for the quarter, compared to the consensus estimate of $414.21 million. During the same period in the previous year, the business earned $2.06 earnings per share. RBC Bearings’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts forecast that RBC Bearings Incorporated will post 8.76 EPS for the current year.

Insider Activity at RBC Bearings

In other news, Director Michael H. Ambrose sold 600 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total value of $167,496.00. Following the sale, the director now directly owns 6,728 shares in the company, valued at $1,878,188.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on RBC. William Blair assumed coverage on shares of RBC Bearings in a research note on Wednesday, May 29th. They issued an “outperform” rating on the stock. Truist Financial dropped their price target on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. The Goldman Sachs Group raised their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Raymond James began coverage on RBC Bearings in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Morgan Stanley raised their price target on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and an average price target of $284.71.

RBC Bearings Company 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.