Tidal Investments LLC Trims Stock Position in RBC Bearings Incorporated $RBC

Tidal Investments LLC trimmed its holdings in RBC Bearings Incorporated (NYSE:RBC) by 4.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,275 shares of the industrial products company’s stock after selling 1,362 shares during the period. Tidal Investments LLC owned 0.10% of RBC Bearings worth $19,499,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Ritholtz Wealth Management lifted its holdings in shares of RBC Bearings by 2.9% during the 1st quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company’s stock worth $323,000 after acquiring an additional 17 shares during the period. Assetmark Inc. boosted its position in shares of RBC Bearings by 3.5% in the first quarter. Assetmark Inc. now owns 557 shares of the industrial products company’s stock worth $303,000 after acquiring an additional 19 shares during the last quarter. Lido Advisors LLC grew its holdings in RBC Bearings by 3.5% in the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock valued at $278,000 after purchasing an additional 22 shares during the period. UMB Bank n.a. grew its holdings in RBC Bearings by 7.1% in the fourth quarter. UMB Bank n.a. now owns 348 shares of the industrial products company’s stock valued at $156,000 after purchasing an additional 23 shares during the period. Finally, Millstone Evans Group LLC increased its position in RBC Bearings by 45.3% during the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 24 shares during the last quarter.

RBC Bearings Stock Down 1.9%

Shares of NYSE RBC opened at $476.94 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 market cap of $15.10 billion, a P/E ratio of 47.13, a P/E/G ratio of 2.60 and a beta of 1.39. 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 fifty day moving average price of $548.90 and a 200 day moving average price of $571.24.

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

Insiders Place Their Bets

In related news, VP John J. Feeney sold 225 shares of the firm’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 completion of the sale, the vice president directly owned 2,378 shares of the company’s stock, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the sale, the director directly owned 7,254 shares in the company, valued at $4,614,341.94. This trade represents a 7.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of 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, August 3rd. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Truist Financial increased their target price on RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $686.00 target price on shares of RBC Bearings in a report on Tuesday, August 4th. Finally, Raymond James Financial upgraded RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price target for the company in a research note on Monday, August 3rd. Seven 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, the company has a consensus rating of “Moderate Buy” and an average price target of $623.00.

RBC Bearings Company Profile

RBC Bearings Incorporated is a manufacturer of highly engineered bearings and motion-control components. The company designs and produces products used to reduce friction, support rotating or moving equipment, and manage loads in demanding operating environments. Its offerings include plain bearings, roller bearings, ball bearings, spherical bearings, rod ends, thrust bearings, and specialty bearing assemblies.

The company supplies components for aerospace and defense applications, industrial machinery, transportation equipment, construction and mining systems, medical devices, and energy-related equipment.