Susquehanna Fundamental Investments LLC Makes New $2.38 Million Investment in RBC Bearings Incorporated (NYSE:RBC)

Susquehanna Fundamental Investments LLC purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,822 shares of the industrial products company’s stock, valued at approximately $2,380,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. increased its holdings in RBC Bearings by 0.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company’s stock valued at $1,646,000 after acquiring an additional 50 shares in the last quarter. Legacy Advisors LLC increased its stake in shares of RBC Bearings by 1.4% during the 2nd quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock worth $1,223,000 after purchasing an additional 61 shares in the last quarter. RiverPark Advisors LLC raised its position in shares of RBC Bearings by 9.6% during the 2nd quarter. RiverPark Advisors LLC now owns 993 shares of the industrial products company’s stock worth $268,000 after purchasing an additional 87 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in RBC Bearings in the 4th quarter valued at approximately $27,000. Finally, GAMMA Investing LLC grew its holdings in RBC Bearings by 36.8% during the 2nd quarter. GAMMA Investing LLC now owns 357 shares of the industrial products company’s stock valued at $96,000 after buying an additional 96 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Truist Financial reduced their price objective on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Raymond James initiated coverage on shares of RBC Bearings in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $287.67.

RBC Bearings Price Performance

RBC opened at $299.27 on Tuesday. RBC Bearings Incorporated has a 1 year low of $214.14 and a 1 year high of $309.01. The company’s 50 day simple moving average is $288.77 and its 200 day simple moving average is $277.53. The stock has a market capitalization of $8.75 billion, a PE ratio of 46.76, a P/E/G ratio of 3.65 and a beta of 1.51. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.33. The company had revenue of $406.30 million for the quarter, compared to analyst estimates of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. RBC Bearings’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the business earned $1.98 EPS. As a group, sell-side analysts expect that RBC Bearings Incorporated will post 8.95 EPS for the current year.

Insiders Place Their Bets

In other news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the transaction, the director now directly owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Michael J. Hartnett sold 11,341 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $287.52, for a total value of $3,260,764.32. Following the completion of the sale, the chief executive officer now directly owns 320,053 shares in the company, valued at approximately $92,021,638.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Edward Stewart sold 3,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the transaction, the director now owns 20,461 shares in the company, valued at approximately $5,672,607.64. The disclosure for this sale can be found here. Insiders sold 41,327 shares of company stock worth $11,900,641 over the last three months. 2.90% of the stock is owned by insiders.

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.