RBC Bearings Incorporated (NYSE:RBC) Short Interest Down 16.6% in February

RBC Bearings Incorporated (NYSE:RBC) was the target of a large decline in short interest during the month of February. As of February 15th, there was short interest totalling 611,800 shares, a decline of 16.6% from the January 31st total of 733,400 shares. Currently, 2.0% of the shares of the company are short sold. Based on an average daily trading volume, of 167,600 shares, the days-to-cover ratio is currently 3.7 days.

Insiders Place Their Bets

In related news, Director Michael H. Ambrose sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the sale, the director now directly owns 6,728 shares in the company, valued at approximately $2,441,523.92. The trade was a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Robert M. Sullivan sold 8,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the transaction, the chief financial officer now owns 11,382 shares in the company, valued at $4,123,129.50. The trade was a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On RBC Bearings

Several large investors have recently made changes to their positions in the company. R Squared Ltd bought a new position in RBC Bearings during the fourth quarter valued at approximately $30,000. Golden State Wealth Management LLC purchased a new stake in shares of RBC Bearings during the 4th quarter worth approximately $38,000. UMB Bank n.a. boosted its position in shares of RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock valued at $51,000 after acquiring an additional 79 shares during the last quarter. Harbor Investment Advisory LLC bought a new stake in RBC Bearings in the fourth quarter worth $82,000. Finally, Quarry LP increased its position in RBC Bearings by 1,003.7% in the third quarter. Quarry LP now owns 298 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 271 shares during the last quarter.

RBC Bearings Price Performance

RBC traded up $4.77 during trading on Wednesday, hitting $355.24. 58,732 shares of the company traded hands, compared to its average volume of 143,071. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The company has a market cap of $11.16 billion, a PE ratio of 48.89, a P/E/G ratio of 4.42 and a beta of 1.58. The stock’s 50-day simple moving average is $331.92 and its two-hundred day simple moving average is $313.38. RBC Bearings has a 1 year low of $241.43 and a 1 year high of $372.83.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. KeyCorp boosted 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. Truist Financial raised their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Morgan Stanley increased their price target on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Finally, Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $361.20.

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.