Boothbay Fund Management LLC acquired a new stake in RBC Bearings Incorporated (NYSE:RBC – Free Report) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 22,058 shares of the industrial products company’s stock, valued at approximately $9,891,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in RBC. Advisors Asset Management Inc. purchased a new stake in shares of RBC Bearings in the first quarter valued at $26,000. AQR Capital Management LLC boosted its holdings in RBC Bearings by 27.8% in the first quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock valued at $417,000 after acquiring an additional 282 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in RBC Bearings by 32.7% in the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock valued at $395,000 after acquiring an additional 303 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in RBC Bearings by 64.1% in the first quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock valued at $357,000 after acquiring an additional 434 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in RBC Bearings by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock valued at $68,133,000 after acquiring an additional 4,253 shares during the last quarter.
RBC Bearings Trading Up 0.6%
Shares of RBC opened at $625.05 on Thursday. The stock’s 50-day moving average is $590.40 and its two-hundred day moving average is $538.07. The stock has a market cap of $19.78 billion, a PE ratio of 68.76, a P/E/G ratio of 3.59 and a beta of 1.42. RBC Bearings Incorporated has a 12 month low of $363.05 and a 12 month high of $632.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78.
Insider Activity at RBC Bearings
In related news, Director Edward Stewart sold 600 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.90% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on RBC. Morgan Stanley lifted their target price on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. KeyCorp lifted their target price on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Truist Financial reiterated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Finally, Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.
Get Our Latest Research Report on RBC
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.
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