Aubrey Capital Management Ltd Makes New Investment in RBC Bearings Incorporated $RBC

Aubrey Capital Management Ltd acquired a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the 1st quarter, HoldingsChannel reports. The fund acquired 4,400 shares of the industrial products company’s stock, valued at approximately $2,391,000. RBC Bearings comprises approximately 1.3% of Aubrey Capital Management Ltd’s holdings, making the stock its 29th biggest position.

A number of other hedge funds have also made changes to their positions in RBC. State Street Corp raised its position in shares of RBC Bearings by 0.5% during the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock worth $358,778,000 after acquiring an additional 4,568 shares in the last quarter. Geode Capital Management LLC lifted its stake in RBC Bearings by 8.5% during the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after purchasing an additional 48,419 shares during the last quarter. Maren Capital LLC boosted its holdings in RBC Bearings by 1.4% in the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock valued at $201,934,000 after purchasing an additional 6,373 shares in the last quarter. Invesco Ltd. boosted its holdings in RBC Bearings by 6.2% in the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock valued at $181,514,000 after purchasing an additional 23,616 shares in the last quarter. Finally, Norges Bank purchased a new position in RBC Bearings in the fourth quarter valued at approximately $175,909,000.

RBC Bearings Stock Performance

Shares of RBC stock opened at $587.74 on Wednesday. The stock’s 50-day moving average price is $601.05 and its 200 day moving average price is $560.72. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $18.60 billion, a PE ratio of 64.66, a price-to-earnings-growth ratio of 3.35 and a beta of 1.40. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $505.90 million. During the same period last year, the firm earned $2.83 EPS. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. As a group, equities research analysts forecast that RBC Bearings Incorporated will post 13.59 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RBC shares. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Truist Financial restated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Weiss Ratings downgraded shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Morgan Stanley lifted their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Finally, Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $584.00.

Insider Buying and Selling

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the company’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 owned 21,337 shares in the company, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dolores J. Ennico sold 600 shares of the firm’s 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 completion of the sale, the director owned 7,254 shares of the company’s stock, valued at $4,614,341.94. This trade represents a 7.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,425 shares of company stock valued at $885,400 over the last three months. 1.90% of the stock is currently owned by company 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.