RBC Bearings Incorporated (NYSE:RBC) Short Interest Down 16.6% in February

RBC Bearings Incorporated (NYSE:RBC) was the recipient of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 510,500 shares, a decline of 16.6% from the February 13th total of 611,800 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 160,800 shares, the days-to-cover ratio is presently 3.2 days.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their price target for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Truist Financial increased their target price on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a report on Monday, February 3rd. KeyCorp raised their target price on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, Morgan Stanley upped their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Three investment 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, RBC Bearings presently has an average rating of “Moderate Buy” and an average target price of $361.20.

RBC Bearings Stock Performance

Shares of RBC Bearings stock traded down $9.12 on Tuesday, reaching $337.39. 51,581 shares of the stock were exchanged, compared to its average volume of 148,979. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. RBC Bearings has a 1-year low of $241.43 and a 1-year high of $372.83. The business has a fifty day moving average price of $339.75 and a two-hundred day moving average price of $316.65. The firm has a market capitalization of $10.60 billion, a PE ratio of 46.36, a PEG ratio of 4.42 and a beta of 1.72.

Insider Activity

In related news, Director Michael H. Ambrose sold 400 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the sale, the director now directly owns 6,728 shares of the company’s stock, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the transaction, the chief financial officer now owns 11,382 shares of the company’s stock, valued at approximately $4,123,129.50. This trade represents a 41.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,900 shares of company stock valued at $3,963,031 over the last ninety days. 2.60% of the stock is currently owned by insiders.

Institutional Trading of RBC Bearings

A number of institutional investors and hedge funds have recently made changes to their positions in RBC. Jane Street Group LLC increased its stake in RBC Bearings by 18.5% during the third quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company’s stock worth $4,951,000 after acquiring an additional 2,584 shares during the last quarter. Segall Bryant & Hamill LLC increased its position in RBC Bearings by 41.6% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company’s stock worth $8,896,000 after purchasing an additional 8,725 shares in the last quarter. Holocene Advisors LP lifted its position in RBC Bearings by 69.4% during the third quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company’s stock valued at $3,711,000 after buying an additional 5,078 shares in the last quarter. State Street Corp grew its stake in RBC Bearings by 2.4% during the third quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after buying an additional 19,962 shares during the period. Finally, Citigroup Inc. increased its position in shares of RBC Bearings by 7.0% in the third quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company’s stock worth $8,130,000 after acquiring an additional 1,770 shares in the last quarter.

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.