Concentric Capital Strategies LP Acquires New Holdings in RBC Bearings Incorporated $RBC

Concentric Capital Strategies LP bought a new stake in RBC Bearings Incorporated (NYSE:RBC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,400 shares of the industrial products company’s stock, valued at approximately $3,767,000.

Several other hedge funds also recently modified their holdings of RBC. Advisors Asset Management Inc. bought a new stake in RBC Bearings in the first quarter worth $26,000. SBI Securities Co. Ltd. lifted its position in shares of RBC Bearings by 106.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after buying an additional 33 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 49 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of RBC Bearings during the 4th quarter valued at about $35,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of RBC Bearings by 123.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 53 shares in the last quarter.

RBC Bearings Stock Up 0.6%

RBC opened at $625.05 on Thursday. The business has a 50 day moving average of $590.40 and a 200-day moving average of $538.07. The stock has a market capitalization of $19.78 billion, a price-to-earnings ratio of 68.76, a P/E/G ratio of 3.59 and a beta of 1.42. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 1-year low of $363.05 and a 1-year high of $632.00.

RBC Bearings (NYSE:RBC) last released its earnings results 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. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The firm had revenue of $518.00 million during the quarter, compared to analysts’ expectations of $505.90 million. During the same period in the prior year, the company earned $2.83 EPS. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RBC shares. Morgan Stanley upped their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Truist Financial reiterated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Finally, KeyCorp lifted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

Insider Activity at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the sale, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.90% of the company’s stock.

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.