Hsbc Holdings PLC Purchases 1,257 Shares of RBC Bearings Incorporated $RBC

Hsbc Holdings PLC increased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 34.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,936 shares of the industrial products company’s stock after purchasing an additional 1,257 shares during the period. Hsbc Holdings PLC’s holdings in RBC Bearings were worth $2,666,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. boosted its position in shares of RBC Bearings by 106.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 33 shares during the period. Millstone Evans Group LLC boosted its holdings in RBC Bearings by 45.3% in the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 24 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in RBC Bearings in the 4th quarter valued at about $35,000. Advisors Asset Management Inc. acquired a new position in shares of RBC Bearings during the 1st quarter worth approximately $26,000. Finally, Larson Financial Group LLC grew its position in shares of RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 49 shares in the last quarter.

Wall Street Analyst Weigh In

RBC has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Morgan Stanley lifted their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Truist Financial reissued a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Weiss Ratings upgraded RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 15th. Finally, Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Stock Down 0.1%

NYSE RBC opened at $594.57 on Friday. The business has a fifty day moving average price of $597.34 and a two-hundred day moving average price of $567.29. The stock has a market capitalization of $18.81 billion, a PE ratio of 65.41, a PEG ratio of 3.39 and a beta of 1.40. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The company had revenue of $518.00 million during the quarter, compared to analysts’ expectations of $505.90 million. During the same quarter in the previous year, the firm earned $2.83 EPS. RBC Bearings’s revenue was up 18.3% on a year-over-year basis. Equities analysts expect that RBC Bearings Incorporated will post 13.66 earnings per share for the current fiscal year.

Insider Transactions at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director owned 7,254 shares in the company, valued at approximately $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,425 shares of company stock valued at $885,400. 1.90% of the stock is currently owned by insiders.

RBC Bearings Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.