Hsbc Holdings PLC Has $2.67 Million Position in RBC Bearings Incorporated $RBC

Hsbc Holdings PLC raised its position in RBC Bearings Incorporated (NYSE:RBC) by 34.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 4,936 shares of the industrial products company’s stock after buying an additional 1,257 shares during the period. Hsbc Holdings PLC’s holdings in RBC Bearings were worth $2,666,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Millstone Evans Group LLC increased its stake in shares of RBC Bearings by 45.3% in the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock valued at $42,000 after buying an additional 24 shares during the period. Azzad Asset Management Inc. ADV bought a new stake in RBC Bearings during the 1st quarter worth approximately $1,433,000. Oregon Public Employees Retirement Fund increased its position in RBC Bearings by 4.7% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 6,512 shares of the industrial products company’s stock valued at $3,537,000 after acquiring an additional 290 shares during the period. Burney Co. bought a new position in shares of RBC Bearings during the first quarter valued at $1,211,000. Finally, Stephens Inc. AR acquired a new position in shares of RBC Bearings during the first quarter worth $326,000.

RBC Bearings Stock Performance

Shares of RBC opened at $594.57 on Friday. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. The firm’s fifty day simple moving average is $597.34 and its two-hundred day simple moving average is $567.29. RBC Bearings Incorporated has a 12 month low of $364.50 and a 12 month high of $667.69. The stock has a market capitalization of $18.81 billion, a P/E ratio of 65.41, a price-to-earnings-growth ratio of 3.39 and a beta of 1.40.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating 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 was up 18.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.83 EPS. As a group, analysts predict that RBC Bearings Incorporated will post 13.66 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RBC. Truist Financial restated a “buy” rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Morgan Stanley lifted their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Weiss Ratings upgraded RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 15th. Wall Street Zen cut RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $584.00.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the transaction, the director directly owned 7,254 shares in the company, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the sale, the director directly owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,425 shares of company stock valued at $885,400. 1.90% of the stock is currently owned by company insiders.

RBC Bearings Company Profile

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.