Squarepoint Ops LLC Buys 19,746 Shares of RBC Bearings Incorporated (NYSE:RBC)

Squarepoint Ops LLC grew its stake in RBC Bearings Incorporated (NYSE:RBC) by 453.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,103 shares of the industrial products company’s stock after purchasing an additional 19,746 shares during the quarter. Squarepoint Ops LLC owned approximately 0.08% of RBC Bearings worth $6,503,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. 1832 Asset Management L.P. bought a new position in shares of RBC Bearings in the fourth quarter valued at approximately $27,000. DT Investment Partners LLC bought a new stake in RBC Bearings during the second quarter worth $35,000. Opal Wealth Advisors LLC bought a new stake in RBC Bearings during the second quarter worth $41,000. Benjamin F. Edwards & Company Inc. lifted its holdings in RBC Bearings by 570.8% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after acquiring an additional 137 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in RBC Bearings during the second quarter worth $54,000.

Insider Activity

In other news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the completion of the transaction, the director now directly owns 20,461 shares in the company, valued at $5,672,607.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Edward Stewart sold 3,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the transaction, the director now directly owns 20,461 shares in the company, valued at $5,672,607.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Michael J. Hartnett sold 503 shares of the business’s 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 transaction, the chief executive officer now owns 322,588 shares of the company’s stock, valued at $93,227,932. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,327 shares of company stock worth $11,900,641. 2.90% of the stock is owned by corporate insiders.

RBC Bearings Stock Performance

NYSE:RBC opened at $299.87 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09. The business has a fifty day simple moving average of $288.63 and a two-hundred day simple moving average of $277.26. RBC Bearings Incorporated has a 1 year low of $214.14 and a 1 year high of $309.01. The company has a market capitalization of $8.77 billion, a P/E ratio of 46.85, a P/E/G ratio of 3.65 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.33. The company had revenue of $406.30 million during the quarter, compared to analysts’ expectations of $416.65 million. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.98 earnings per share. On average, analysts expect that RBC Bearings Incorporated will post 8.95 earnings per share for the current year.

Wall Street Analyst Weigh In

RBC has been the topic of a number of recent analyst reports. Raymond James initiated coverage on RBC Bearings in a report on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial dropped their price target on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $287.67.

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.