Centiva Capital LP Takes Position in RBC Bearings Incorporated (NYSE:RBC)

Centiva Capital LP purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,750 shares of the industrial products company's stock, valued at approximately $524,000.

Other hedge funds also recently made changes to their positions in the company. UMB Bank n.a. boosted its holdings in RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 75 shares during the last quarter. DT Investment Partners LLC acquired a new position in RBC Bearings during the second quarter valued at approximately $35,000. Opal Wealth Advisors LLC purchased a new stake in RBC Bearings during the second quarter worth approximately $41,000. Canada Pension Plan Investment Board acquired a new stake in shares of RBC Bearings in the second quarter worth $54,000. Finally, Strategic Financial Concepts LLC purchased a new position in shares of RBC Bearings in the 2nd quarter valued at $68,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RBC shares. 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, November 22nd. Truist Financial raised their target price on RBC Bearings from $315.00 to $347.00 and gave the company a "buy" rating in a research note on Wednesday, November 20th. William Blair restated an "outperform" rating on shares of RBC Bearings in a report on Tuesday, November 26th. Finally, Bank of America downgraded shares of RBC Bearings from a "buy" rating to a "neutral" rating and raised their price target for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings has an average rating of "Moderate Buy" and a consensus target price of $324.67.

RBC Bearings Stock Performance

Shares of RBC stock traded up $0.13 on Friday, hitting $334.39. 108,715 shares of the stock traded hands, compared to its average volume of 146,967. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. RBC Bearings Incorporated has a 1-year low of $240.36 and a 1-year high of $346.77. The company's fifty day moving average is $306.02 and its 200 day moving average is $292.71. The company has a market capitalization of $10.50 billion, a PE ratio of 48.82, a PEG ratio of 4.67 and a beta of 1.55.

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

Insider Activity

In related news, CEO Michael J. Hartnett sold 19,283 shares of RBC Bearings stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $289.42, for a total value of $5,580,885.86. Following the sale, the chief executive officer now directly owns 317,814 shares in the company, valued at $91,981,727.88. This trade represents a 5.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 34,127 shares of company stock valued at $9,839,707. 2.60% of the stock is currently owned by insiders.

RBC Bearings Company Profile

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.