Sheets Smith Wealth Management Increases Stake in RBC Bearings Incorporated (NYSE:RBC)

Sheets Smith Wealth Management lifted its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 10.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,016 shares of the industrial products company’s stock after acquiring an additional 195 shares during the quarter. Sheets Smith Wealth Management’s holdings in RBC Bearings were worth $574,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. LWM Advisory Services LLC acquired a new stake in RBC Bearings during the 3rd quarter valued at $31,000. Operose Advisors LLC acquired a new stake in shares of RBC Bearings during the 3rd quarter worth about $45,000. GAMMA Investing LLC purchased a new stake in shares of RBC Bearings during the fourth quarter worth about $66,000. RiverPark Advisors LLC acquired a new position in shares of RBC Bearings in the third quarter valued at approximately $69,000. Finally, Fifth Third Bancorp lifted its stake in shares of RBC Bearings by 14.3% during the third quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company’s stock valued at $99,000 after buying an additional 53 shares during the period.

Insider Transactions at RBC Bearings

In other RBC Bearings news, COO Daniel A. Bergeron sold 15,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $267.22, for a total transaction of $4,008,300.00. Following the transaction, the chief operating officer now owns 121,935 shares of the company’s stock, valued at approximately $32,583,470.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RBC. Truist Financial increased their price target on RBC Bearings from $271.00 to $309.00 and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Citigroup lifted their price target on shares of RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $275.86.

RBC Bearings Stock Up 3.1 %

Shares of NYSE RBC traded up $7.79 during trading on Monday, reaching $257.78. 84,943 shares of the stock were exchanged, compared to its average volume of 124,891. The business’s 50-day moving average price is $260.39 and its 200 day moving average price is $259.14. The company has a market capitalization of $7.26 billion, a price-to-earnings ratio of 41.80, a price-to-earnings-growth ratio of 4.76 and a beta of 1.46. RBC Bearings Incorporated has a twelve month low of $195.18 and a twelve month high of $288.16. The company has a quick ratio of 1.12, a current ratio of 3.28 and a debt-to-equity ratio of 0.47.

RBC Bearings (NYSE:RBC) last announced its earnings results on Thursday, February 8th. The industrial products company reported $1.75 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.08). RBC Bearings had a net margin of 12.81% and a return on equity of 9.64%. The business had revenue of $373.91 million for the quarter, compared to analyst estimates of $376.61 million. As a group, equities analysts forecast that RBC Bearings Incorporated will post 8.02 EPS for the current fiscal year.

RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.