Quest Partners LLC Acquires 1,822 Shares of RBC Bearings Incorporated (NYSE:RBC)

Quest Partners LLC increased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 276.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,481 shares of the industrial products company’s stock after acquiring an additional 1,822 shares during the quarter. Quest Partners LLC’s holdings in RBC Bearings were worth $743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. RiverPark Advisors LLC lifted its holdings in shares of RBC Bearings by 48.6% during the third quarter. RiverPark Advisors LLC now owns 1,476 shares of the industrial products company’s stock valued at $442,000 after purchasing an additional 483 shares during the last quarter. Chesapeake Capital Corp IL boosted its holdings in RBC Bearings by 29.0% in the third quarter. Chesapeake Capital Corp IL now owns 2,148 shares of the industrial products company’s stock worth $644,000 after acquiring an additional 483 shares in the last quarter. Natixis Advisors LLC grew its stake in shares of RBC Bearings by 0.3% in the third quarter. Natixis Advisors LLC now owns 105,444 shares of the industrial products company’s stock worth $31,568,000 after acquiring an additional 347 shares during the last quarter. Royce & Associates LP raised its position in shares of RBC Bearings by 0.6% in the 3rd quarter. Royce & Associates LP now owns 154,104 shares of the industrial products company’s stock worth $46,136,000 after purchasing an additional 991 shares during the last quarter. Finally, OneDigital Investment Advisors LLC increased its stake in RBC Bearings by 4.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,078 shares of the industrial products company’s stock valued at $1,221,000 after purchasing an additional 174 shares in the last quarter.

RBC Bearings Price Performance

NYSE RBC opened at $324.82 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. RBC Bearings Incorporated has a 1-year low of $240.36 and a 1-year high of $328.39. The stock has a market capitalization of $10.20 billion, a price-to-earnings ratio of 47.42, a PEG ratio of 3.69 and a beta of 1.51. The business’s fifty day moving average price is $296.74 and its 200-day moving average price is $287.70.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm had revenue of $397.90 million during the quarter, compared to analysts’ expectations of $403.89 million. During the same period in the previous year, the business posted $2.07 earnings per share. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, equities analysts predict that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 19,283 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $289.42, for a total value of $5,580,885.86. Following the completion of the sale, the chief executive officer now owns 317,814 shares in the company, valued at $91,981,727.88. This represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction dated 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 transaction, the vice president now directly owns 12,539 shares in the company, valued at approximately $3,669,789.13. The trade was a 25.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,327 shares of company stock valued at $11,068,921. Insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

RBC has been the subject of several analyst reports. Truist Financial raised their price target on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $330.00 to $335.00 in a research note on Thursday. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $314.60.

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.