RBC Bearings Incorporated (NYSE:RBC) Shares Purchased by Marco Investment Management LLC

Marco Investment Management LLC grew its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 6.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 810 shares of the industrial products company’s stock after buying an additional 50 shares during the period. Marco Investment Management LLC’s holdings in RBC Bearings were worth $242,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Jennison Associates LLC grew its position in shares of RBC Bearings by 170.2% during the 3rd quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock valued at $35,399,000 after buying an additional 74,474 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of RBC Bearings by 22.7% during the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after purchasing an additional 64,217 shares during the last quarter. American Century Companies Inc. raised its position in shares of RBC Bearings by 30.4% during the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock worth $55,745,000 after purchasing an additional 48,209 shares during the period. Douglas Lane & Associates LLC lifted its holdings in shares of RBC Bearings by 123.9% in the 2nd quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock worth $22,085,000 after purchasing an additional 45,294 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in RBC Bearings during the 2nd quarter valued at approximately $11,708,000.

RBC Bearings Stock Performance

Shares of RBC opened at $336.82 on Monday. The stock has a market capitalization of $10.58 billion, a P/E ratio of 49.17, a P/E/G ratio of 4.63 and a beta of 1.51. RBC Bearings Incorporated has a 12-month low of $240.36 and a 12-month high of $337.19. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The firm’s 50 day moving average is $297.72 and its 200-day moving average is $288.60.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The company had revenue of $397.90 million during 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 company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.07 EPS. Equities research analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RBC has been the topic of several analyst reports. Truist Financial increased their target price on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target for the company in a research note on Friday. Finally, Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $330.00 to $335.00 in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $324.67.

Insider Buying and Selling at RBC Bearings

In related news, CEO Michael J. Hartnett sold 3,000 shares of RBC Bearings stock in a transaction on Monday, September 9th. The stock was sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the sale, the chief executive officer now owns 294,120 shares of the company’s stock, valued at approximately $83,597,727.60. This trade represents a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the transaction, the vice president now directly owns 12,539 shares in the company, valued at approximately $3,669,789.13. The trade was a 25.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,327 shares of company stock valued at $11,068,921 in the last three months. 2.60% of the stock is currently owned by company insiders.

RBC Bearings 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.