8,400 Shares in RBC Bearings Incorporated $RBC Purchased by Concentric Capital Strategies LP

Concentric Capital Strategies LP purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 8,400 shares of the industrial products company’s stock, valued at approximately $3,767,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Comerica Bank raised its stake in RBC Bearings by 19.5% during the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock worth $40,486,000 after purchasing an additional 14,747 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of RBC Bearings by 263.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock worth $1,788,000 after buying an additional 2,709 shares during the last quarter. Faithward Advisors LLC acquired a new stake in RBC Bearings during the third quarter worth about $2,826,000. DNB Asset Management AS raised its stake in shares of RBC Bearings by 91.6% in the 3rd quarter. DNB Asset Management AS now owns 6,987 shares of the industrial products company’s stock valued at $2,727,000 after acquiring an additional 3,340 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of RBC Bearings by 36.4% during the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock worth $137,669,000 after purchasing an additional 94,203 shares in the last quarter.

RBC Bearings Stock Up 0.6%

NYSE:RBC opened at $625.05 on Thursday. The business’s fifty day moving average price is $590.40 and its 200 day moving average price is $538.07. The firm has a market capitalization of $19.78 billion, a price-to-earnings ratio of 68.76, a PEG ratio of 3.59 and a beta of 1.42. 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 Incorporated has a 1-year low of $363.05 and a 1-year high of $632.00.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The company had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. During the same quarter in the previous year, the business posted $2.83 EPS. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, sell-side analysts forecast that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Insider Activity at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director directly owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RBC. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. KeyCorp upped their price objective on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Morgan Stanley raised their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $584.00.

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.