1,072 Shares in RBC Bearings Incorporated (NYSE:RBC) Bought by IHT Wealth Management LLC

IHT Wealth Management LLC purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,072 shares of the industrial products company’s stock, valued at approximately $322,000.

Several other hedge funds have also recently modified their holdings of the stock. Marco Investment Management LLC lifted its holdings in shares of RBC Bearings by 6.6% during the third quarter. Marco Investment Management LLC now owns 810 shares of the industrial products company’s stock worth $242,000 after purchasing an additional 50 shares during the period. Raymond James Trust N.A. raised its position in RBC Bearings by 2.6% in the third quarter. Raymond James Trust N.A. now owns 2,116 shares of the industrial products company’s stock worth $633,000 after acquiring an additional 53 shares in the last quarter. Legacy Advisors LLC raised its position in RBC Bearings by 1.4% in the second quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock worth $1,223,000 after acquiring an additional 61 shares in the last quarter. UMB Bank n.a. raised its position in RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 75 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in RBC Bearings by 23.2% in the third quarter. GAMMA Investing LLC now owns 440 shares of the industrial products company’s stock worth $132,000 after acquiring an additional 83 shares in the last quarter.

RBC Bearings Trading Down 0.3 %

Shares of RBC stock opened at $333.53 on Tuesday. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The stock has a market cap of $10.48 billion, a P/E ratio of 48.69, a P/E/G ratio of 4.60 and a beta of 1.55. RBC Bearings Incorporated has a fifty-two week low of $240.36 and a fifty-two week high of $346.77. The business has a fifty day simple moving average of $306.71 and a 200-day simple moving average of $292.98.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The company had revenue of $397.90 million for the quarter, compared to analyst estimates 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 was up 3.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.07 EPS. On average, analysts forecast that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 19,283 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $289.42, for a total value of $5,580,885.86. Following the sale, the chief executive officer now directly owns 317,814 shares of the company’s stock, valued at approximately $91,981,727.88. This trade represents a 5.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 31,127 shares of company stock valued at $8,987,017 over the last quarter. Insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on RBC. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective for the company in a research report on Friday, November 22nd. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Truist Financial increased their price objective on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and raised their price target for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $324.67.

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.