Pacer Advisors Inc. Raises Stock Holdings in RBC Bearings Incorporated $RBC

Pacer Advisors Inc. grew its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 23.4% in the first quarter, Holdings Channel reports. The fund owned 5,868 shares of the industrial products company’s stock after buying an additional 1,113 shares during the quarter. Pacer Advisors Inc.’s holdings in RBC Bearings were worth $3,187,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RBC. State Street Corp increased its position in RBC Bearings by 0.5% in the third quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock worth $358,778,000 after purchasing an additional 4,568 shares during the last quarter. Geode Capital Management LLC lifted its position in RBC Bearings by 8.5% during the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock valued at $277,776,000 after purchasing an additional 48,419 shares during the last quarter. Maren Capital LLC grew its stake in shares of RBC Bearings by 1.4% in the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after buying an additional 6,373 shares in the last quarter. First Trust Advisors LP grew its stake in shares of RBC Bearings by 27.5% in the 1st quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock worth $222,516,000 after buying an additional 88,468 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of RBC Bearings by 6.2% in the 4th quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after buying an additional 23,616 shares during the last quarter.

RBC Bearings Price Performance

RBC Bearings stock opened at $566.48 on Friday. The firm has a 50-day moving average price of $597.13 and a 200-day moving average price of $573.15. The firm has a market capitalization of $17.93 billion, a PE ratio of 55.98, a price-to-earnings-growth ratio of 3.16 and a beta of 1.40. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 12-month low of $364.50 and a 12-month high of $667.69.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, topping analysts’ consensus estimates of $3.42 by $0.46. The firm had revenue of $519.50 million during the quarter, compared to analysts’ expectations of $508.92 million. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.84 EPS. As a group, equities research analysts forecast that RBC Bearings Incorporated will post 13.8 EPS for the current year.

Insider Buying and Selling at RBC Bearings

In other news, VP John J. Feeney sold 225 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total value of $148,036.50. Following the sale, the vice president directly owned 2,378 shares in the company, valued at approximately $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dolores J. Ennico sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the sale, the director directly owned 7,254 shares of the company’s stock, valued at $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,425 shares of company stock worth $885,400 over the last 90 days. Company insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RBC. Royal Bank Of Canada set a $645.00 target price on shares of RBC Bearings in a research report on Monday. Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, July 30th. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Wall Street Zen lowered RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Truist Financial lifted their target price on RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a report on Tuesday. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $623.00.

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.