Bull Harbor Capital LLC Buys New Shares in RBC Bearings Incorporated $RBC

Bull Harbor Capital LLC bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,193 shares of the industrial products company’s stock, valued at approximately $648,000.

A number of other large investors have also bought and sold shares of the stock. Comerica Bank increased its holdings in shares of RBC Bearings by 19.5% during the 4th quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock worth $40,486,000 after buying an additional 14,747 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of RBC Bearings by 263.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock worth $1,788,000 after acquiring an additional 2,709 shares during the last quarter. Fifth Third Bancorp lifted its stake in RBC Bearings by 12,957.3% during the first quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company’s stock worth $40,707,000 after purchasing an additional 74,375 shares in the last quarter. M&T Bank Corp lifted its stake in RBC Bearings by 372.6% during the fourth quarter. M&T Bank Corp now owns 23,640 shares of the industrial products company’s stock worth $10,601,000 after purchasing an additional 18,638 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of RBC Bearings by 9.6% during the fourth quarter. Bessemer Group Inc. now owns 83,865 shares of the industrial products company’s stock worth $37,607,000 after buying an additional 7,315 shares during the period.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $563.65 on Friday. The stock has a market cap of $17.85 billion, a PE ratio of 62.01, a price-to-earnings-growth ratio of 3.14 and a beta of 1.40. The business’s fifty day moving average price is $597.82 and its two-hundred day moving average price is $570.58. RBC Bearings Incorporated has a one year low of $364.50 and a one year high of $667.69. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period last year, the company earned $2.83 EPS. On average, analysts forecast that RBC Bearings Incorporated will post 13.66 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Dolores J. Ennico sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total value of $381,666.00. Following the transaction, the director owned 7,254 shares in the company, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John J. Feeney sold 225 shares of the firm’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the sale, the vice president directly owned 2,378 shares of the company’s stock, valued at approximately $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,425 shares of company stock worth $885,400. 1.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.