Gotham Asset Management LLC Increases Stake in RBC Bearings Incorporated $RBC

Gotham Asset Management LLC boosted its stake in RBC Bearings Incorporated (NYSE:RBC) by 14.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 117,141 shares of the industrial products company’s stock after buying an additional 14,703 shares during the quarter. Gotham Asset Management LLC’s holdings in RBC Bearings were worth $52,530,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Comerica Bank boosted its stake in RBC Bearings by 19.5% during the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock valued at $40,486,000 after buying an additional 14,747 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of RBC Bearings by 263.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock worth $1,788,000 after purchasing an additional 2,709 shares during the period. Faithward Advisors LLC bought a new position in shares of RBC Bearings during the third quarter valued at approximately $2,826,000. DNB Asset Management AS lifted its holdings in RBC Bearings by 91.6% during the 3rd quarter. DNB Asset Management AS now owns 6,987 shares of the industrial products company’s stock valued at $2,727,000 after buying an additional 3,340 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of RBC Bearings by 36.4% during the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock valued at $137,669,000 after acquiring an additional 94,203 shares in the last quarter.

RBC Bearings Stock Up 0.6%

Shares of NYSE RBC opened at $625.05 on Thursday. The stock’s 50-day simple moving average is $590.40 and its 200-day simple moving average is $538.07. RBC Bearings Incorporated has a 1 year low of $363.05 and a 1 year high of $632.00. The firm has a market cap of $19.78 billion, a price-to-earnings ratio of 68.76, a PEG ratio of 3.59 and a beta of 1.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business had revenue of $518.00 million for the quarter, compared to the consensus estimate of $505.90 million. During the same quarter last year, the business posted $2.83 EPS. The business’s revenue was up 18.3% on a year-over-year basis. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RBC. Truist Financial restated a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Morgan Stanley increased their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. Finally, Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and an average price target of $584.00.

Insider Transactions at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the transaction, the director owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.90% of the company’s stock.

RBC Bearings Company 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.