Longboard Asset Management LP Invests $213,000 in RBC Bearings Incorporated (NYSE:RBC)

Longboard Asset Management LP acquired a new position in RBC Bearings Incorporated (NYSE:RBC) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 661 shares of the industrial products company’s stock, valued at approximately $213,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Torray Investment Partners LLC increased its stake in shares of RBC Bearings by 0.3% in the 4th quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company’s stock worth $2,533,000 after purchasing an additional 28 shares in the last quarter. Townsquare Capital LLC increased its stake in shares of RBC Bearings by 0.6% in the 4th quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company’s stock worth $1,694,000 after purchasing an additional 36 shares in the last quarter. Rafferty Asset Management LLC increased its stake in shares of RBC Bearings by 6.4% in the 4th quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company’s stock worth $213,000 after purchasing an additional 43 shares in the last quarter. Argonautica Private Wealth Management Inc. raised its position in shares of RBC Bearings by 3.4% during the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company’s stock valued at $418,000 after purchasing an additional 46 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in shares of RBC Bearings by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company’s stock valued at $273,000 after buying an additional 47 shares in the last quarter.

Insiders Place Their Bets

In related news, Director Michael H. Ambrose sold 595 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total transaction of $218,555.40. Following the sale, the director now owns 6,985 shares in the company, valued at approximately $2,565,730.20. This trade represents a 7.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven H. Kaplan sold 400 shares of the firm’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $381.30, for a total transaction of $152,520.00. Following the sale, the director now owns 2,499 shares in the company, valued at approximately $952,868.70. This represents a 13.80% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,973 shares of company stock valued at $29,186,872. Insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on RBC shares. Truist Financial boosted their price target on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a “buy” rating in a research note on Thursday, June 12th. Morgan Stanley reiterated an “overweight” rating and issued a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $394.00.

RBC Bearings Stock Up 0.1%

Shares of NYSE RBC opened at $372.31 on Monday. The firm’s 50-day moving average price is $354.81 and its 200-day moving average price is $338.92. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $11.69 billion, a price-to-earnings ratio of 48.54, a P/E/G ratio of 3.80 and a beta of 1.66. RBC Bearings Incorporated has a 12-month low of $260.53 and a 12-month high of $386.41.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.70 by $0.13. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The company had revenue of $437.70 million for the quarter, compared to the consensus estimate of $440.26 million. During the same period in the prior year, the firm posted $2.47 EPS. The firm’s revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.