Picton Mahoney Asset Management Boosts Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Picton Mahoney Asset Management grew its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 4.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 60,154 shares of the industrial products company’s stock after purchasing an additional 2,303 shares during the quarter. Picton Mahoney Asset Management owned approximately 0.21% of RBC Bearings worth $17,138,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RBC. LWM Advisory Services LLC bought a new position in RBC Bearings during the third quarter valued at approximately $31,000. Operose Advisors LLC purchased a new stake in RBC Bearings during the third quarter valued at about $45,000. GAMMA Investing LLC bought a new position in shares of RBC Bearings during the fourth quarter valued at about $66,000. RiverPark Advisors LLC purchased a new position in shares of RBC Bearings in the third quarter worth about $69,000. Finally, Fifth Third Bancorp lifted its stake in shares of RBC Bearings by 14.3% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company’s stock valued at $99,000 after acquiring an additional 53 shares during the last quarter.

Insider Buying and Selling

In related news, COO Daniel A. Bergeron sold 15,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total transaction of $4,008,300.00. Following the sale, the chief operating officer now owns 121,935 shares of the company’s stock, valued at $32,583,470.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.90% of the stock is owned by company insiders.

RBC Bearings Stock Up 1.1 %

Shares of NYSE:RBC traded up $2.95 during trading on Tuesday, hitting $261.54. The stock had a trading volume of 231,403 shares, compared to its average volume of 127,030. The company has a quick ratio of 1.12, a current ratio of 3.28 and a debt-to-equity ratio of 0.47. RBC Bearings Incorporated has a 12 month low of $195.18 and a 12 month high of $288.16. The company has a market capitalization of $7.37 billion, a PE ratio of 43.74, a PEG ratio of 4.76 and a beta of 1.46. The firm’s fifty day moving average is $259.96 and its 200 day moving average is $259.67.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Thursday, February 8th. The industrial products company reported $1.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. The firm had revenue of $373.91 million during the quarter, compared to the consensus estimate of $376.61 million. Analysts anticipate that RBC Bearings Incorporated will post 8.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RBC has been the topic of several recent research reports. Citigroup raised their price target on RBC Bearings from $250.00 to $285.00 and gave the stock a “neutral” rating in a research report on Monday, February 12th. Truist Financial lifted their target price on shares of RBC Bearings from $271.00 to $309.00 and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $275.86.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.