HighVista Strategies LLC Invests $1.19 Million in RBC Bearings Incorporated (NYSE:RBC)

HighVista Strategies LLC purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,400 shares of the industrial products company’s stock, valued at approximately $1,187,000.

A number of other hedge funds have also bought and sold shares of RBC. Principal Securities Inc. acquired a new position in shares of RBC Bearings during the 4th quarter worth approximately $30,000. Brown Advisory Inc. acquired a new stake in RBC Bearings during the fourth quarter worth approximately $217,000. Norges Bank bought a new position in RBC Bearings during the 4th quarter worth $83,318,000. PNC Financial Services Group Inc. raised its holdings in RBC Bearings by 0.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company’s stock valued at $1,646,000 after acquiring an additional 50 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its position in shares of RBC Bearings by 2.3% during the 4th quarter. Corient Private Wealth LLC now owns 9,970 shares of the industrial products company’s stock valued at $2,840,000 after acquiring an additional 225 shares during the period.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RBC. William Blair initiated coverage on RBC Bearings in a research report on Wednesday, May 29th. They issued an “outperform” rating on the stock. Raymond James initiated coverage on shares of RBC Bearings in a research report on Friday, June 28th. They issued a “market perform” rating for the company. The Goldman Sachs Group upped their price target on shares of RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Finally, Truist Financial decreased their price objective on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $287.67.

RBC Bearings Trading Down 1.4 %

RBC opened at $295.45 on Monday. The company has a market cap of $8.64 billion, a P/E ratio of 46.16, a PEG ratio of 3.49 and a beta of 1.51. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. The company’s 50 day moving average is $288.21 and its 200-day moving average is $276.11. RBC Bearings Incorporated has a 1-year low of $214.14 and a 1-year high of $309.01.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.33. The firm had revenue of $406.30 million for the quarter, compared to analyst estimates of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The company’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the business posted $1.98 earnings per share. Equities research analysts predict that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the transaction, the chief executive officer now directly owns 322,588 shares in the company, valued at $93,227,932. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now directly owns 322,588 shares of the company’s stock, valued at $93,227,932. The disclosure for this sale can be found here. Insiders have sold 41,327 shares of company stock worth $11,900,641 in the last 90 days. Insiders own 2.90% of the company’s stock.

About RBC Bearings

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.