Lombard Odier Asset Management USA Corp Decreases Stake in RBC Bearings Incorporated $RBC

Lombard Odier Asset Management USA Corp reduced its position in RBC Bearings Incorporated (NYSE:RBC) by 50.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,906 shares of the industrial products company’s stock after selling 6,131 shares during the period. Lombard Odier Asset Management USA Corp’s holdings in RBC Bearings were worth $2,648,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Advisors Asset Management Inc. purchased a new stake in RBC Bearings during the first quarter valued at approximately $26,000. SBI Securities Co. Ltd. raised its position in RBC Bearings by 106.5% during the fourth 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 during the period. Larson Financial Group LLC raised its position in RBC Bearings by 148.5% during the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 49 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in RBC Bearings during the fourth quarter valued at approximately $35,000. Finally, EverSource Wealth Advisors LLC raised its position in RBC Bearings by 123.3% during the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 53 shares during the period.

Insider Transactions at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director owned 21,337 shares of the company’s stock, valued at $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

RBC has been the topic of a number of recent research reports. Morgan Stanley upped their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Truist Financial restated a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research 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 Tuesday, May 19th. Finally, Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, RBC Bearings has an average rating of “Moderate Buy” and a consensus target price of $584.00.

RBC Bearings Trading Up 0.6%

RBC opened at $620.72 on Wednesday. The stock has a market cap of $19.64 billion, a price-to-earnings ratio of 68.29, a P/E/G ratio of 3.57 and a beta of 1.42. The stock’s 50 day moving average price is $588.95 and its 200-day moving average price is $536.80. RBC Bearings Incorporated has a one year low of $363.05 and a one year high of $632.00. 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 data 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 company had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. During the same quarter in the prior year, the firm earned $2.83 earnings per share. RBC Bearings’s revenue was up 18.3% compared to the same quarter last year. On average, equities analysts forecast that RBC Bearings Incorporated will post 13.58 EPS for the current year.

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.