Quest Partners LLC Buys 1,822 Shares of RBC Bearings Incorporated (NYSE:RBC)

Quest Partners LLC increased its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 276.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,481 shares of the industrial products company's stock after acquiring an additional 1,822 shares during the period. Quest Partners LLC's holdings in RBC Bearings were worth $743,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. UMB Bank n.a. raised its stake in shares of RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock worth $28,000 after purchasing an additional 75 shares in the last quarter. DT Investment Partners LLC purchased a new stake in shares of RBC Bearings during the 2nd quarter worth about $35,000. Opal Wealth Advisors LLC purchased a new stake in shares of RBC Bearings during the 2nd quarter worth about $41,000. Canada Pension Plan Investment Board purchased a new stake in shares of RBC Bearings during the 2nd quarter worth about $54,000. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of RBC Bearings during the 2nd quarter worth about $68,000.

RBC Bearings Trading Up 3.8 %

Shares of RBC stock traded up $12.20 on Friday, reaching $336.65. 186,915 shares of the stock were exchanged, compared to its average volume of 143,250. The stock has a market cap of $10.57 billion, a PE ratio of 49.15, a P/E/G ratio of 3.69 and a beta of 1.51. RBC Bearings Incorporated has a one year low of $240.36 and a one year high of $337.19. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The stock has a 50 day moving average price of $297.72 and a 200 day moving average price of $288.24.

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RBC. KeyCorp raised RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 price objective on the stock in a research note on Friday. Bank of America lowered RBC Bearings from a "buy" rating to a "neutral" rating and raised their target price for the company from $330.00 to $335.00 in a report on Thursday. Finally, Truist Financial raised their target price on RBC Bearings from $315.00 to $347.00 and gave the company a "buy" rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $324.67.

Insider Buying and Selling

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the business's stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the transaction, the vice president now directly owns 12,539 shares of the company's stock, valued at approximately $3,669,789.13. The trade was a 25.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 503 shares of the company's stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now directly owns 322,588 shares of the company's stock, valued at $93,227,932. This represents a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,327 shares of company stock valued at $11,068,921 over the last three months. Company insiders own 2.60% of the company's stock.

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.