Walleye Capital LLC Invests $5.17 Million in RBC Bearings Incorporated $RBC

Walleye Capital LLC purchased a new position in RBC Bearings Incorporated (NYSE:RBC) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 8,020 shares of the industrial products company’s stock, valued at approximately $5,165,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RBC. Western Wealth Management LLC bought a new stake in RBC Bearings in the first quarter worth $27,000. SBI Securities Co. Ltd. increased its stake in RBC Bearings by 106.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 33 shares in the last quarter. Millstone Evans Group LLC raised its holdings in RBC Bearings by 45.3% in the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after buying an additional 24 shares during the last quarter. Advisors Asset Management Inc. purchased a new position in RBC Bearings in the first quarter worth about $26,000. Finally, Larson Financial Group LLC lifted its stake in shares of RBC Bearings by 148.5% in the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares in the last quarter.

Wall Street Analyst Weigh In

RBC has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $686.00 price target on shares of RBC Bearings in a report on Tuesday, August 4th. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday. Royal Bank Of Canada set a $645.00 target price on RBC Bearings in a research note on Monday, August 3rd. Truist Financial lifted their target price on RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Finally, Morgan Stanley boosted their price target on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $623.00.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $560.40 on Friday. The firm’s 50-day moving average price is $594.35 and its 200-day moving average price is $575.00. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69. The company has a market cap of $17.74 billion, a PE ratio of 55.38, a PEG ratio of 3.00 and a beta of 1.40. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share for the quarter, beating the consensus estimate of $3.42 by $0.46. The firm had revenue of $519.50 million during the quarter, compared to analysts’ expectations of $508.92 million. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The firm’s quarterly revenue was up 19.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.84 earnings per share. As a group, analysts anticipate that RBC Bearings Incorporated will post 14.12 EPS for the current year.

Insiders Place Their Bets

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the sale, the director owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. The trade was a 7.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John J. Feeney sold 225 shares of the business’s 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 sale, the vice president owned 2,378 shares of the company’s stock, 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. In the last quarter, insiders sold 1,425 shares of company stock valued at $885,400. Company insiders own 1.80% of the company’s stock.

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.