Moore Capital Management LP Boosts Holdings in RBC Bearings Incorporated $RBC

Moore Capital Management LP increased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 4,770.4% in the second quarter, Holdings Channel.com reports. The firm owned 36,236 shares of the industrial products company’s stock after acquiring an additional 35,492 shares during the period. Moore Capital Management LP’s holdings in RBC Bearings were worth $23,338,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. State Street Corp boosted its position in RBC Bearings by 0.5% during the third quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after buying an additional 4,568 shares during the period. Geode Capital Management LLC increased its holdings in shares of RBC Bearings by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after buying an additional 48,419 shares during the period. Maren Capital LLC lifted its stake in shares of RBC Bearings by 1.4% in the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock valued at $201,934,000 after acquiring an additional 6,373 shares during the last quarter. First Trust Advisors LP boosted its holdings in RBC Bearings by 27.5% during the 1st quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock valued at $222,516,000 after acquiring an additional 88,468 shares during the period. Finally, Invesco Ltd. boosted its holdings in RBC Bearings by 6.2% during the 4th quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock valued at $181,514,000 after acquiring an additional 23,616 shares during the period.

RBC Bearings Stock Up 0.1%

Shares of NYSE RBC opened at $501.02 on Monday. The firm has a fifty day simple moving average of $574.98 and a two-hundred day simple moving average of $575.30. RBC Bearings Incorporated has a 12 month low of $364.50 and a 12 month high of $667.69. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $15.86 billion, a PE ratio of 49.51, a price-to-earnings-growth ratio of 2.68 and a beta of 1.40.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share for the quarter, beating analysts’ consensus estimates of $3.42 by $0.46. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The firm had revenue of $519.50 million for the quarter, compared to analyst estimates of $508.92 million. During the same quarter in the previous year, the firm posted $2.84 EPS. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. Equities analysts expect that RBC Bearings Incorporated will post 14.12 earnings per share for the current year.

Analysts Set New Price Targets

RBC has been the topic of several recent research reports. Truist Financial raised their price target on RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Morgan Stanley increased their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Royal Bank Of Canada set a $645.00 target price on shares of RBC Bearings in a report on Monday, August 3rd. Raymond James Financial raised shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 target price on the stock in a research note on Monday, August 3rd. Finally, Weiss Ratings lowered shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday. Seven 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.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $623.00.

Insiders Place Their Bets

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the transaction, the vice president owned 2,378 shares in the company, valued at approximately $1,564,581.32. This represents a 8.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dolores J. Ennico sold 600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares of the company’s stock, valued at $4,614,341.94. This represents a 7.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,425 shares of company stock worth $885,400 over the last three months. Company insiders own 1.80% of the company’s stock.

RBC Bearings Company 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.