RBC Bearings Incorporated (NYSE:RBC) Short Interest Update

RBC Bearings Incorporated (NYSE:RBC) was the recipient of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 510,500 shares, a decrease of 16.6% from the February 13th total of 611,800 shares. Approximately 1.7% of the company’s stock are short sold. Based on an average daily volume of 160,800 shares, the short-interest ratio is currently 3.2 days.

Analysts Set New Price Targets

RBC has been the topic of several research reports. KeyCorp upped their price objective on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Morgan Stanley upped their price objective on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. William Blair restated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and upped their price objective for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, Truist Financial upped their price objective on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and an average target price of $361.20.

RBC Bearings Stock Performance

Shares of RBC Bearings stock traded down $1.94 on Thursday, reaching $336.40. 45,075 shares of the company were exchanged, compared to its average volume of 149,289. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. The company’s 50-day moving average is $341.29 and its two-hundred day moving average is $317.05. The firm has a market cap of $10.57 billion, a price-to-earnings ratio of 46.18, a P/E/G ratio of 4.42 and a beta of 1.72. RBC Bearings has a 1-year low of $241.43 and a 1-year high of $372.83.

Insider Activity at RBC Bearings

In related news, Director Michael H. Ambrose sold 400 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the transaction, the director now owns 6,728 shares of the company’s stock, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the transaction, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at $117,776,379.60. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,900 shares of company stock valued at $3,963,031. Insiders own 2.60% of the company’s stock.

Institutional Trading of RBC Bearings

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Torray Investment Partners LLC raised its position in shares of RBC Bearings by 0.3% during the 4th quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company’s stock worth $2,533,000 after purchasing an additional 28 shares during the period. Curated Wealth Partners LLC increased its position in RBC Bearings by 1.6% in the 4th quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company’s stock valued at $595,000 after acquiring an additional 32 shares during the period. Townsquare Capital LLC increased its position in RBC Bearings by 0.6% in the 4th quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company’s stock valued at $1,694,000 after acquiring an additional 36 shares during the period. Rafferty Asset Management LLC increased its position in RBC Bearings by 6.4% in the 4th quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company’s stock valued at $213,000 after acquiring an additional 43 shares during the period. Finally, Argonautica Private Wealth Management Inc. increased its position in RBC Bearings by 3.4% in the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company’s stock valued at $418,000 after acquiring an additional 46 shares during the period.

RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems 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.