RBC Bearings Incorporated $RBC Stake Increased by Squarepoint Ops LLC

Squarepoint Ops LLC grew its stake in RBC Bearings Incorporated (NYSE:RBC) by 1,382.4% during the second quarter, HoldingsChannel.com reports. The firm owned 52,448 shares of the industrial products company’s stock after purchasing an additional 48,910 shares during the period. Squarepoint Ops LLC’s holdings in RBC Bearings were worth $33,780,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. California State Teachers Retirement System boosted its holdings in shares of RBC Bearings by 61,201.1% in the 2nd quarter. California State Teachers Retirement System now owns 21,261,065 shares of the industrial products company’s stock valued at $13,693,402,000 after buying an additional 21,226,382 shares during the period. Norges Bank bought a new position in shares of RBC Bearings during the fourth quarter valued at approximately $175,909,000. Northwestern Mutual Wealth Management Co. raised its position in shares of RBC Bearings by 39,846.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock worth $83,295,000 after purchasing an additional 185,284 shares during the period. Cartenna Capital LP acquired a new position in RBC Bearings during the 4th quarter valued at approximately $76,233,000. Finally, Invesco Ltd. grew its stake in RBC Bearings by 60.5% during the 3rd quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock worth $148,763,000 after buying an additional 143,710 shares during the last quarter.

Insider Transactions at RBC Bearings

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the transaction, the director directly owned 7,254 shares of the company’s stock, valued at $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP John J. Feeney sold 225 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the transaction, the vice president directly owned 2,378 shares in the company, valued at approximately $1,564,581.32. This represents a 8.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on RBC shares. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Royal Bank Of Canada set a $645.00 target price on RBC Bearings in a research note on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $686.00 price target on shares of RBC Bearings in a research note on Tuesday, August 4th. Truist Financial upped their price objective on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Finally, Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, RBC Bearings currently has an average rating of “Moderate Buy” and an average target price of $623.00.

RBC Bearings Stock Performance

Shares of RBC opened at $492.43 on Wednesday. The company has a 50-day moving average of $554.12 and a two-hundred day moving average of $572.27. The stock has a market cap of $15.59 billion, a price-to-earnings ratio of 48.66, a PEG ratio of 2.62 and a beta of 1.39. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.53 and a quick ratio of 0.98. RBC Bearings Incorporated has a one year low of $364.50 and a one year high of $667.69.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $508.92 million. During the same period in the prior year, the business earned $2.84 EPS. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. On average, equities research analysts expect that RBC Bearings Incorporated will post 14.12 earnings per share for the current year.

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.