Carmel Capital Management L.L.C. Purchases 4,925 Shares of RBC Bearings Incorporated $RBC

Carmel Capital Management L.L.C. increased its position in RBC Bearings Incorporated (NYSE:RBC) by 24.9% in the first quarter, HoldingsChannel reports. The firm owned 24,708 shares of the industrial products company’s stock after purchasing an additional 4,925 shares during the quarter. RBC Bearings accounts for approximately 3.8% of Carmel Capital Management L.L.C.’s holdings, making the stock its 11th biggest holding. Carmel Capital Management L.L.C.’s holdings in RBC Bearings were worth $13,419,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ritholtz Wealth Management grew its stake in RBC Bearings by 2.9% in the first quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 17 shares during the period. Lido Advisors LLC boosted its holdings in shares of RBC Bearings by 3.5% during the 4th quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock valued at $278,000 after buying an additional 22 shares in the last quarter. UMB Bank n.a. grew its position in shares of RBC Bearings by 7.1% in the 4th quarter. UMB Bank n.a. now owns 348 shares of the industrial products company’s stock worth $156,000 after buying an additional 23 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of RBC Bearings by 27.1% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock worth $48,000 after buying an additional 26 shares during the period. Finally, Allworth Financial LP increased its stake in shares of RBC Bearings by 12.1% in the 3rd quarter. Allworth Financial LP now owns 259 shares of the industrial products company’s stock worth $101,000 after acquiring an additional 28 shares in the last quarter.

Insider Transactions at RBC Bearings

In related news, Director Dolores J. Ennico sold 600 shares of the business’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 value of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares in the company, valued at $4,614,341.94. The trade was a 7.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John J. Feeney sold 225 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the transaction, the vice president directly owned 2,378 shares in the company, valued at $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,425 shares of company stock worth $885,400. Corporate insiders own 1.90% of the company’s stock.

RBC Bearings Price Performance

RBC opened at $643.98 on Wednesday. The firm has a market cap of $20.38 billion, a PE ratio of 70.84, a P/E/G ratio of 3.67 and a beta of 1.42. The stock has a 50-day moving average price of $600.04 and a 200-day moving average price of $550.55. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year 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 announced its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.31 by $0.31. The company had revenue of $518.00 million for the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. RBC Bearings’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.83 EPS. Sell-side analysts predict that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RBC has been the subject of a number of recent research reports. Weiss Ratings cut shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Morgan Stanley raised their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Truist Financial reissued a “buy” rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Finally, Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $584.00.

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.