SVRN Asset Management LLC Buys Shares of 1,633 RBC Bearings Incorporated $RBC

SVRN Asset Management LLC purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,633 shares of the industrial products company’s stock, valued at approximately $1,052,000. RBC Bearings makes up approximately 0.5% of SVRN Asset Management LLC’s portfolio, making the stock its 19th biggest position.

A number of other hedge funds have also made changes to their positions in RBC. State Street Corp lifted its holdings in RBC Bearings by 0.5% in the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock worth $358,778,000 after purchasing an additional 4,568 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of RBC Bearings by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after buying an additional 48,419 shares during the last quarter. Maren Capital LLC boosted its holdings in shares of RBC Bearings by 1.4% during the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after buying an additional 6,373 shares during the period. First Trust Advisors LP grew its stake in RBC Bearings by 27.5% in the 1st quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock valued at $222,516,000 after buying an additional 88,468 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in RBC Bearings by 6.2% in the 4th quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after acquiring an additional 23,616 shares during the period.

RBC Bearings Price Performance

Shares of RBC Bearings stock opened at $487.71 on Friday. RBC Bearings Incorporated has a twelve month low of $364.50 and a twelve month high of $667.69. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. The firm has a market cap of $15.44 billion, a P/E ratio of 48.19, a price-to-earnings-growth ratio of 2.63 and a beta of 1.39. The firm’s 50-day simple moving average is $560.06 and its 200-day simple moving average is $573.01.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Raymond James Financial raised RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price target on the stock in a research report on Monday, August 3rd. Morgan Stanley upped their price target on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Truist Financial raised their price objective on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Weiss Ratings cut shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 27th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $686.00 price target on shares of RBC Bearings in a research report on Tuesday, August 4th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $623.00.

Insider Transactions at RBC Bearings

In related news, VP John J. Feeney sold 225 shares of the firm’s stock in a transaction on Thursday, June 25th. The stock was 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 $1,564,581.32. This trade represents a 8.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares in the company, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.80% of the company’s stock.

RBC Bearings Profile

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.