GAMMA Investing LLC Boosts Stake in RBC Bearings Incorporated (NYSE:RBC)

GAMMA Investing LLC boosted its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 21.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 626 shares of the industrial products company’s stock after buying an additional 109 shares during the quarter. GAMMA Investing LLC’s holdings in RBC Bearings were worth $201,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of RBC. US Bancorp DE raised its stake in shares of RBC Bearings by 7.8% in the fourth quarter. US Bancorp DE now owns 7,387 shares of the industrial products company’s stock worth $2,210,000 after buying an additional 533 shares during the period. Smartleaf Asset Management LLC increased its holdings in RBC Bearings by 13.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 755 shares of the industrial products company’s stock worth $224,000 after acquiring an additional 90 shares in the last quarter. Jones Financial Companies Lllp raised its stake in RBC Bearings by 196.9% during the 4th quarter. Jones Financial Companies Lllp now owns 677 shares of the industrial products company’s stock worth $203,000 after acquiring an additional 449 shares during the period. State of Michigan Retirement System raised its stake in RBC Bearings by 7.2% during the 4th quarter. State of Michigan Retirement System now owns 7,400 shares of the industrial products company’s stock worth $2,214,000 after acquiring an additional 500 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in RBC Bearings by 6.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 316,240 shares of the industrial products company’s stock valued at $94,600,000 after purchasing an additional 20,229 shares in the last quarter.

Wall Street Analysts Forecast Growth

RBC has been the subject of a number of analyst reports. Truist Financial increased their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a “buy” rating in a research note on Thursday, June 12th. Morgan Stanley reiterated an “overweight” rating and issued a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, RBC Bearings currently has an average rating of “Moderate Buy” and an average price target of $394.00.

RBC Bearings Stock Up 1.4%

NYSE RBC opened at $388.59 on Friday. RBC Bearings Incorporated has a 12 month low of $260.53 and a 12 month high of $393.51. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30. The stock has a market cap of $12.21 billion, a PE ratio of 50.66, a P/E/G ratio of 3.91 and a beta of 1.65. The stock’s 50 day moving average is $365.59 and its 200 day moving average is $342.09.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.13. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The firm had revenue of $437.70 million for the quarter, compared to analysts’ expectations of $440.26 million. During the same quarter last year, the business posted $2.47 earnings per share. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. Research analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Insider Activity at RBC Bearings

In other news, COO Daniel A. Bergeron sold 31,282 shares of RBC Bearings stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $380.28, for a total value of $11,895,918.96. Following the sale, the chief operating officer directly owned 111,134 shares of the company’s stock, valued at approximately $42,262,037.52. The trade was a 21.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael H. Ambrose sold 595 shares of the business’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total value of $218,555.40. Following the completion of the sale, the director owned 6,985 shares in the company, valued at $2,565,730.20. This represents a 7.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,973 shares of company stock valued at $29,186,872. Insiders own 2.60% of the company’s stock.

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.