Pacer Advisors Inc. Raises Position in RBC Bearings Incorporated $RBC

Pacer Advisors Inc. increased its stake in RBC Bearings Incorporated (NYSE:RBC) by 23.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,868 shares of the industrial products company’s stock after purchasing an additional 1,113 shares during the quarter. Pacer Advisors Inc.’s holdings in RBC Bearings were worth $3,187,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Comerica Bank lifted its position in shares of RBC Bearings by 19.5% during the 4th 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 in the last quarter. Fifth Third Bancorp grew its stake in shares of RBC Bearings by 12,957.3% during the 1st quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company’s stock valued at $40,707,000 after acquiring an additional 74,375 shares during the period. Bessemer Group Inc. increased its holdings in RBC Bearings by 9.6% in the 4th quarter. Bessemer Group Inc. now owns 83,865 shares of the industrial products company’s stock worth $37,607,000 after acquiring an additional 7,315 shares in the last quarter. M&T Bank Corp increased its holdings in RBC Bearings by 372.6% in the 4th quarter. M&T Bank Corp now owns 23,640 shares of the industrial products company’s stock worth $10,601,000 after acquiring an additional 18,638 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its stake in RBC Bearings by 7.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 48,359 shares of the industrial products company’s stock worth $21,686,000 after acquiring an additional 3,226 shares during the period.

RBC Bearings Stock Down 1.0%

NYSE RBC opened at $566.48 on Friday. RBC Bearings Incorporated has a 12 month low of $364.50 and a 12 month high of $667.69. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. The stock has a market cap of $17.93 billion, a PE ratio of 55.98, a P/E/G ratio of 3.16 and a beta of 1.40. The stock’s 50 day moving average is $597.13 and its 200 day moving average is $573.15.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.42 by $0.46. The business had revenue of $519.50 million during the quarter, compared to analyst estimates of $508.92 million. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The company’s revenue was up 19.2% on a year-over-year basis. During the same period last year, the firm posted $2.84 EPS. Research analysts predict that RBC Bearings Incorporated will post 13.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RBC. Royal Bank Of Canada set a $645.00 price target on shares of RBC Bearings in a report on Monday. Truist Financial raised their price objective on shares of RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a research report on Tuesday. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Morgan Stanley upped their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Finally, Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $623.00.

Insider Buying and Selling

In related news, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the transaction, the director directly owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the sale, the vice president owned 2,378 shares in the company, valued at approximately $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,425 shares of company stock worth $885,400. 1.80% of the stock is owned by insiders.

About RBC Bearings

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.