Cubist Systematic Strategies LLC Grows Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Cubist Systematic Strategies LLC grew its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 219.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,755 shares of the industrial products company’s stock after buying an additional 3,956 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in RBC Bearings were worth $1,553,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Teachers Retirement System of The State of Kentucky grew its stake in RBC Bearings by 54.9% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 8,985 shares of the industrial products company’s stock worth $2,560,000 after buying an additional 3,185 shares during the period. Diversify Advisory Services LLC purchased a new position in shares of RBC Bearings in the first quarter valued at $802,000. Price T Rowe Associates Inc. MD boosted its stake in shares of RBC Bearings by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock valued at $566,549,000 after purchasing an additional 20,491 shares during the period. Public Employees Retirement Association of Colorado boosted its stake in shares of RBC Bearings by 1,362.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock valued at $33,853,000 after purchasing an additional 110,705 shares during the period. Finally, Norden Group LLC purchased a new position in shares of RBC Bearings in the first quarter valued at $2,014,000.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RBC. Raymond James began coverage on shares of RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial cut their price target on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $287.67.

RBC Bearings Trading Up 1.0 %

RBC opened at $302.45 on Wednesday. The stock has a market capitalization of $8.84 billion, a PE ratio of 47.26, a P/E/G ratio of 3.43 and a beta of 1.51. The firm’s fifty day moving average price is $288.98 and its 200 day moving average price is $277.81. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09. RBC Bearings Incorporated has a 12-month low of $214.14 and a 12-month high of $309.01.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.33. The company had revenue of $406.30 million for the quarter, compared to analysts’ expectations of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The firm’s revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.98 earnings per share. As a group, research analysts expect that RBC Bearings Incorporated will post 8.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the sale, the director now directly owns 20,461 shares of the company’s stock, valued at $5,672,607.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Michael J. Hartnett sold 19,283 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $289.42, for a total value of $5,580,885.86. Following the sale, the chief executive officer now owns 317,814 shares of the company’s stock, valued at approximately $91,981,727.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Edward Stewart sold 3,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the sale, the director now directly owns 20,461 shares in the company, valued at approximately $5,672,607.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 41,327 shares of company stock valued at $11,900,641. Company insiders own 2.90% of the company’s stock.

About RBC Bearings

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.