Walleye Capital LLC Grows Position in RBC Bearings Incorporated $RBC

Walleye Capital LLC increased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 70.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,760 shares of the industrial products company’s stock after buying an additional 22,311 shares during the period. Walleye Capital LLC owned 0.17% of RBC Bearings worth $29,198,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Trust Advisors LP increased its holdings in RBC Bearings by 27.5% in the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock valued at $222,516,000 after buying an additional 88,468 shares in the last quarter. Marin Bay Wealth Advisors LLC purchased a new stake in shares of RBC Bearings during the 1st quarter worth about $218,000. PNC Financial Services Group Inc. boosted its stake in shares of RBC Bearings by 14.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,374 shares of the industrial products company’s stock worth $3,462,000 after acquiring an additional 818 shares in the last quarter. KBC Group NV grew its position in shares of RBC Bearings by 21.3% during the 1st quarter. KBC Group NV now owns 939 shares of the industrial products company’s stock valued at $510,000 after acquiring an additional 165 shares during the period. Finally, Regents Gate Capital LLP acquired a new stake in shares of RBC Bearings during the 1st quarter valued at about $18,388,000.

RBC Bearings Trading Up 0.9%

Shares of RBC Bearings stock opened at $590.39 on Thursday. The firm has a market capitalization of $18.68 billion, a PE ratio of 64.95, a P/E/G ratio of 3.34 and a beta of 1.40. The firm’s 50-day moving average price is $597.15 and its 200 day moving average price is $566.13. RBC Bearings Incorporated has a twelve month low of $364.50 and a twelve month high of $667.69. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same period in the previous year, the company posted $2.83 earnings per share. The business’s revenue was up 18.3% on a year-over-year basis. On average, sell-side analysts predict that RBC Bearings Incorporated will post 13.66 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Morgan Stanley boosted their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Truist Financial reiterated a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

Insiders Place Their Bets

In other news, VP John J. Feeney sold 225 shares of the company’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the sale, the vice president owned 2,378 shares of the company’s stock, valued at $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director owned 7,254 shares of the company’s stock, valued at $4,614,341.94. This trade represents a 7.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,425 shares of company stock valued at $885,400 in the last 90 days. 1.90% of the stock is owned by insiders.

RBC Bearings Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.