Lombard Odier Asset Management USA Corp Sells 6,131 Shares of RBC Bearings Incorporated $RBC

Lombard Odier Asset Management USA Corp lessened its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 50.9% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 5,906 shares of the industrial products company’s stock after selling 6,131 shares during the period. Lombard Odier Asset Management USA Corp’s holdings in RBC Bearings were worth $2,648,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Comerica Bank grew its holdings in RBC Bearings by 19.5% during the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock valued at $40,486,000 after purchasing an additional 14,747 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in RBC Bearings by 263.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock valued at $1,788,000 after purchasing an additional 2,709 shares during the period. Faithward Advisors LLC bought a new stake in RBC Bearings during the third quarter valued at about $2,826,000. DNB Asset Management AS grew its holdings in RBC Bearings by 91.6% during the third quarter. DNB Asset Management AS now owns 6,987 shares of the industrial products company’s stock valued at $2,727,000 after purchasing an additional 3,340 shares during the period. Finally, First Trust Advisors LP grew its holdings in RBC Bearings by 36.4% during the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock valued at $137,669,000 after purchasing an additional 94,203 shares during the period.

RBC Bearings Stock Performance

NYSE RBC opened at $620.72 on Wednesday. The firm has a market cap of $19.64 billion, a price-to-earnings ratio of 68.29, a price-to-earnings-growth ratio of 3.57 and a beta of 1.42. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $588.95 and a 200-day moving average price of $536.80. RBC Bearings Incorporated has a twelve month low of $363.05 and a twelve month high of $632.00.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. The company had revenue of $518.00 million for the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.83 earnings per share. As a group, equities research analysts predict that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RBC has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Wall Street Zen raised RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Truist Financial reaffirmed a “buy” rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Finally, KeyCorp upped their price objective on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $584.00.

Insider Activity at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.90% of the company’s stock.

About RBC Bearings

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.