Ergoteles LLC Purchases New Shares in RBC Bearings Incorporated (NYSE:RBC)
Ergoteles LLC purchased a new stake in shares of RBC Bearings Incorporated (NYSE:RBC – Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 32,787 shares of the industrial products company’s stock, valued at approximately $7,130,000. Ergoteles LLC owned approximately 0.11% of RBC Bearings at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in RBC Bearings in the 1st quarter valued at $556,927,000. Price T Rowe Associates Inc. MD bought a new position in RBC Bearings in the 1st quarter valued at $483,093,000. Kayne Anderson Rudnick Investment Management LLC bought a new position in RBC Bearings in the 1st quarter valued at $481,554,000. Durable Capital Partners LP boosted its position in RBC Bearings by 28.2% in the 1st quarter. Durable Capital Partners LP now owns 1,604,993 shares of the industrial products company’s stock valued at $311,176,000 after buying an additional 353,074 shares during the last quarter. Finally, Wasatch Advisors LP bought a new position in RBC Bearings in the 1st quarter valued at $348,759,000.
Insider Buying and Selling at RBC Bearings
In other RBC Bearings news, Director Steven H. Kaplan sold 1,085 shares of RBC Bearings stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $245.96, for a total value of $266,866.60. Following the sale, the director now owns 3,315 shares of the company’s stock, valued at approximately $815,357.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other RBC Bearings news, VP John J. Feeney sold 302 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $241.26, for a total value of $72,860.52. Following the completion of the transaction, the vice president now directly owns 3,056 shares in the company, valued at $737,290.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Steven H. Kaplan sold 1,085 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $245.96, for a total value of $266,866.60. Following the transaction, the director now directly owns 3,315 shares in the company, valued at approximately $815,357.40. The disclosure for this sale can be found here. Insiders have sold 32,897 shares of company stock valued at $8,313,305 in the last 90 days. 2.90% of the stock is currently owned by company insiders.
RBC Bearings Trading Up 0.6 %
RBC stock traded up $1.57 during midday trading on Friday, hitting $260.57. 29,400 shares of the company’s stock were exchanged, compared to its average volume of 206,325. The stock’s fifty day moving average price is $235.83 and its 200-day moving average price is $226.47. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.12 and a current ratio of 3.25. The company has a market cap of $7.58 billion, a PE ratio of 45.92, a price-to-earnings-growth ratio of 5.52 and a beta of 1.44. RBC Bearings Incorporated has a one year low of $195.18 and a one year high of $267.60.
RBC Bearings (NYSE:RBC – Get Free Report) last released its quarterly earnings results on Thursday, November 9th. The industrial products company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.16. RBC Bearings had a return on equity of 9.62% and a net margin of 12.32%. The firm had revenue of $385.57 million for the quarter, compared to the consensus estimate of $390.18 million. Research analysts predict that RBC Bearings Incorporated will post 8.16 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on the company. Citigroup raised their price target on RBC Bearings from $240.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 27th. Wells Fargo & Company raised their price target on RBC Bearings from $235.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Monday, November 13th. Bank of America upgraded RBC Bearings from an “underperform” rating to a “buy” rating and raised their price target for the stock from $230.00 to $280.00 in a research report on Wednesday, November 29th. Finally, Truist Financial reduced their price target on RBC Bearings from $275.00 to $271.00 and set a “buy” rating on the stock in a research report on Friday, November 10th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.17.
Get Our Latest Research Report on RBC Bearings
RBC Bearings Company Profile (Free Report)
RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.
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Original: MarketBeat News Feed: Ergoteles LLC Purchases New Shares in RBC Bearings Incorporated (NYSE:RBC)