Advantage Alpha Capital Partners LP Sells 8,161 Shares of RBC Bearings Incorporated (NYSE:RBC)

Advantage Alpha Capital Partners LP trimmed its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 37.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,679 shares of the industrial products company's stock after selling 8,161 shares during the quarter. Advantage Alpha Capital Partners LP's holdings in RBC Bearings were worth $4,089,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Russell Investments Group Ltd. grew its holdings in shares of RBC Bearings by 31.2% in the 1st quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company's stock worth $878,000 after acquiring an additional 772 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in RBC Bearings by 1.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 16,303 shares of the industrial products company's stock worth $4,404,000 after purchasing an additional 203 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in RBC Bearings by 60.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,195 shares of the industrial products company's stock worth $323,000 after buying an additional 448 shares during the period. SkyView Investment Advisors LLC acquired a new position in shares of RBC Bearings in the first quarter worth about $957,000. Finally, Comerica Bank increased its position in shares of RBC Bearings by 2.7% in the first quarter. Comerica Bank now owns 70,324 shares of the industrial products company's stock worth $19,012,000 after acquiring an additional 1,836 shares in the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RBC. KeyCorp raised RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 target price for the company in a research report on Friday. Truist Financial upped their target price on RBC Bearings from $315.00 to $347.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. William Blair restated an "outperform" rating on shares of RBC Bearings in a report on Tuesday. Finally, Bank of America lowered shares of RBC Bearings from a "buy" rating to a "neutral" rating and upped their price objective for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $324.67.

RBC Bearings Stock Up 0.4 %

NYSE RBC traded up $1.19 during trading on Tuesday, reaching $339.97. The company's stock had a trading volume of 282,147 shares, compared to its average volume of 144,259. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $10.68 billion, a PE ratio of 49.71, a PEG ratio of 4.63 and a beta of 1.51. RBC Bearings Incorporated has a 1-year low of $240.36 and a 1-year high of $343.66. The business has a 50-day moving average price of $298.76 and a 200-day moving average price of $289.10.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million during the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The firm's revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.07 EPS. On average, research analysts forecast that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Insider Transactions at RBC Bearings

In related news, CEO Michael J. Hartnett sold 11,341 shares of the company's stock in a transaction on Monday, September 16th. The shares were sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the completion of the sale, the chief executive officer now directly owns 320,053 shares of the company's stock, valued at approximately $92,021,638.56. This represents a 3.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 34,127 shares of company stock worth $9,839,707. 2.60% of the stock is owned by corporate insiders.

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.