GAMMA Investing LLC Grows Holdings in RBC Bearings Incorporated (NYSE:RBC)

GAMMA Investing LLC lifted its stake in RBC Bearings Incorporated (NYSE:RBC) by 23.2% during the third quarter, HoldingsChannel reports. The firm owned 440 shares of the industrial products company’s stock after purchasing an additional 83 shares during the period. GAMMA Investing LLC’s holdings in RBC Bearings were worth $132,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in RBC. DT Investment Partners LLC purchased a new stake in RBC Bearings in the 2nd quarter valued at about $35,000. Opal Wealth Advisors LLC purchased a new stake in shares of RBC Bearings in the second quarter valued at approximately $41,000. Benjamin F. Edwards & Company Inc. grew its stake in RBC Bearings by 570.8% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 137 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in RBC Bearings during the 2nd quarter worth $54,000. Finally, Strategic Financial Concepts LLC bought a new stake in RBC Bearings during the 2nd quarter valued at $68,000.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $280.88 on Friday. The company has a market capitalization of $8.21 billion, a PE ratio of 41.43, a P/E/G ratio of 3.22 and a beta of 1.51. The company has a 50-day simple moving average of $288.81 and a two-hundred day simple moving average of $278.93. RBC Bearings Incorporated has a one year low of $214.14 and a one year high of $309.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.21 by $0.33. The firm had revenue of $406.30 million during 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%. RBC Bearings’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.98 EPS. Research analysts expect that RBC Bearings Incorporated will post 8.95 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael J. Hartnett sold 503 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total transaction 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the sale, the director now owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $145,367.00. Following the completion of the transaction, the chief executive officer now directly owns 322,588 shares of the company’s stock, valued at approximately $93,227,932. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,327 shares of company stock worth $11,900,641. Insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

RBC has been the topic of several research reports. Raymond James assumed coverage on RBC Bearings in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial cut their target price on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus price target 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.