Quantbot Technologies LP Reduces Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Quantbot Technologies LP lessened its position in RBC Bearings Incorporated (NYSE:RBC) by 53.3% during the third quarter, Holdings Channel.com reports. The fund owned 3,330 shares of the industrial products company’s stock after selling 3,793 shares during the period. Quantbot Technologies LP’s holdings in RBC Bearings were worth $997,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. UMB Bank n.a. lifted its stake in RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 75 shares during the period. DT Investment Partners LLC purchased a new stake in shares of RBC Bearings in the 2nd quarter worth about $35,000. Opal Wealth Advisors LLC bought a new stake in shares of RBC Bearings during the 2nd quarter valued at about $41,000. Canada Pension Plan Investment Board purchased a new position in shares of RBC Bearings during the second quarter valued at about $54,000. Finally, Strategic Financial Concepts LLC bought a new position in RBC Bearings in the second quarter worth about $68,000.

Insider Activity at RBC Bearings

In other news, CEO Michael J. Hartnett sold 11,341 shares of the business’s 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 transaction, the chief executive officer now owns 320,053 shares in the company, valued at $92,021,638.56. The trade was a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 34,127 shares of company stock valued at $9,839,707. 2.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RBC shares. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and upped their target price for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. Truist Financial increased their price objective on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. William Blair restated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Finally, KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target for the company in a research note on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus target price of $324.67.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $335.11 on Monday. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $343.92. The firm’s 50-day moving average is $302.31 and its 200 day moving average is $290.87. The stock has a market cap of $10.53 billion, a price-to-earnings ratio of 48.92, a PEG ratio of 4.60 and a beta of 1.51. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. During the same quarter in the prior year, the company posted $2.07 EPS. The company’s quarterly revenue was up 3.2% on a year-over-year basis. Sell-side analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

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.