Lombard Odier Asset Management USA Corp Trims Stock Position in RBC Bearings Incorporated $RBC

Lombard Odier Asset Management USA Corp lessened its holdings in RBC Bearings Incorporated (NYSE:RBC) by 54.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,680 shares of the industrial products company’s stock after selling 3,226 shares during the period. Lombard Odier Asset Management USA Corp’s holdings in RBC Bearings were worth $1,456,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in RBC. Ritholtz Wealth Management increased its holdings in RBC Bearings by 2.9% during the first quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company’s stock valued at $323,000 after buying an additional 17 shares during the last quarter. Assetmark Inc. boosted its stake in shares of RBC Bearings by 3.5% during the 1st quarter. Assetmark Inc. now owns 557 shares of the industrial products company’s stock worth $303,000 after acquiring an additional 19 shares during the last quarter. Lido Advisors LLC boosted its stake in shares of RBC Bearings by 3.5% during the 4th quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock worth $278,000 after acquiring an additional 22 shares during the last quarter. UMB Bank n.a. grew its position in shares of RBC Bearings by 7.1% during the 4th quarter. UMB Bank n.a. now owns 348 shares of the industrial products company’s stock valued at $156,000 after acquiring an additional 23 shares during the period. Finally, Millstone Evans Group LLC grew its position in shares of RBC Bearings by 45.3% during the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 24 shares during the period.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $594.57 on Friday. The stock has a market cap of $18.81 billion, a PE ratio of 65.41, a price-to-earnings-growth ratio of 3.39 and a beta of 1.40. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69. The firm has a fifty day moving average price of $597.34 and a 200-day moving average price of $567.29. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share 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 analysts’ expectations of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. RBC Bearings’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.83 EPS. Equities analysts anticipate that RBC Bearings Incorporated will post 13.66 earnings per share for the current fiscal year.

Insider Activity

In other news, VP John J. Feeney sold 225 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $657.94, for a total value of $148,036.50. Following the transaction, the vice president directly owned 2,378 shares in the company, valued at $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,425 shares of company stock worth $885,400 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented 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 research note on Tuesday, May 19th. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Morgan Stanley boosted their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Wall Street Zen cut RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Finally, Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 15th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $584.00.

RBC Bearings 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.