Jane Street Group LLC grew its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 18.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,536 shares of the industrial products company's stock after acquiring an additional 2,584 shares during the quarter. Jane Street Group LLC owned 0.05% of RBC Bearings worth $4,951,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. TimesSquare Capital Management LLC increased its stake in shares of RBC Bearings by 17.3% in the 3rd quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company's stock valued at $27,125,000 after acquiring an additional 13,395 shares during the last quarter. Segall Bryant & Hamill LLC increased its stake in shares of RBC Bearings by 41.6% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company's stock valued at $8,896,000 after acquiring an additional 8,725 shares during the last quarter. Holocene Advisors LP increased its stake in shares of RBC Bearings by 69.4% in the 3rd quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company's stock valued at $3,711,000 after acquiring an additional 5,078 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in RBC Bearings during the 2nd quarter worth approximately $2,380,000. Finally, Citigroup Inc. increased its stake in RBC Bearings by 7.0% during the 3rd quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company's stock worth $8,130,000 after purchasing an additional 1,770 shares in the last quarter.
RBC Bearings Stock Down 1.8 %
Shares of NYSE RBC traded down $5.80 during trading hours on Tuesday, hitting $320.58. The company had a trading volume of 199,906 shares, compared to its average volume of 144,211. The stock has a market capitalization of $10.07 billion, a P/E ratio of 46.80, a price-to-earnings-growth ratio of 4.50 and a beta of 1.55. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. RBC Bearings Incorporated has a 1-year low of $240.36 and a 1-year high of $346.77. The firm's 50 day moving average is $311.10 and its 200-day moving average is $294.59.
RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results 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). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The business had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. During the same period in the prior year, the business earned $2.07 EPS. The company's revenue for the quarter was up 3.2% compared to the same quarter last year. On average, analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the company. Bank of America cut RBC Bearings from a "buy" rating to a "neutral" rating and increased their target price for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. 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 note on Friday, November 22nd. William Blair reissued an "outperform" rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Finally, Truist Financial increased their target price on RBC Bearings from $315.00 to $347.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $324.67.
View Our Latest Analysis on RBC
Insider Buying and Selling at RBC Bearings
In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of the firm's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total transaction of $145,367.00. Following the completion of the sale, the chief executive officer now owns 322,588 shares of the company's stock, valued at $93,227,932. This trade represents a 0.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.60% of the company's stock.
About RBC Bearings
(
Free Report)
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.
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