SVRN Asset Management LLC Makes New Investment in RBC Bearings Incorporated $RBC

SVRN Asset Management LLC bought a new stake in RBC Bearings Incorporated (NYSE:RBC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,633 shares of the industrial products company’s stock, valued at approximately $1,052,000. RBC Bearings accounts for about 0.5% of SVRN Asset Management LLC’s holdings, making the stock its 19th largest position.

Other large investors have also made changes to their positions in the company. State Street Corp boosted its stake in shares of RBC Bearings by 0.5% in the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after purchasing an additional 4,568 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of RBC Bearings by 8.5% in the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock valued at $277,776,000 after buying an additional 48,419 shares during the period. Maren Capital LLC raised its position in shares of RBC Bearings by 1.4% during the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after purchasing an additional 6,373 shares during the period. First Trust Advisors LP raised 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 worth $222,516,000 after buying an additional 88,468 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of RBC Bearings by 6.2% during the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after acquiring an additional 23,616 shares during the period.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RBC shares. Truist Financial increased their target price on RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Raymond James Financial raised RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 target price on the stock in a research report on Monday, August 3rd. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Royal Bank Of Canada set a $645.00 target price on shares of RBC Bearings in a report on Monday, August 3rd. Finally, Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus price target of $623.00.

RBC Bearings Trading Down 0.6%

RBC Bearings stock opened at $487.71 on Friday. The stock has a 50-day simple moving average of $560.06 and a 200 day simple moving average of $573.01. The stock has a market capitalization of $15.44 billion, a P/E ratio of 48.19, a PEG ratio of 2.63 and a beta of 1.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. RBC Bearings Incorporated has a 52 week low of $364.50 and a 52 week high of $667.69.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.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 prior year, the company earned $2.84 earnings per share. The business’s revenue for the quarter was up 19.2% compared to the same quarter last year. Analysts expect that RBC Bearings Incorporated will post 14.12 earnings per share for the current year.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, VP John Feeney sold 225 shares of RBC Bearings stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the transaction, the vice president directly owned 2,378 shares of the company’s stock, valued at $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dolores Ennico sold 600 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares in the company, valued at $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.