RBC Bearings Incorporated (NYSE:RBC) Sees Significant Decrease in Short Interest

RBC Bearings Incorporated (NYSE:RBC - Get Free Report) was the recipient of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 510,500 shares, a decline of 16.6% from the February 13th total of 611,800 shares. Approximately 1.7% of the company's shares are short sold. Based on an average daily volume of 160,800 shares, the short-interest ratio is currently 3.2 days.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. William Blair restated an "outperform" rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Truist Financial upped their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. KeyCorp upped their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Finally, Morgan Stanley upped their price objective on shares of RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a research report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, RBC Bearings currently has a consensus rating of "Moderate Buy" and an average price target of $361.20.

RBC Bearings Stock Down 1.2 %

RBC stock traded down $4.05 during trading hours on Friday, reaching $329.52. 276,058 shares of the stock were exchanged, compared to its average volume of 150,698. The firm's 50-day moving average is $342.69 and its 200-day moving average is $317.38. The company has a market cap of $10.35 billion, a price-to-earnings ratio of 45.26, a PEG ratio of 4.42 and a beta of 1.72. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. RBC Bearings has a 12 month low of $241.43 and a 12 month high of $372.83.

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Insider Buying and Selling

In other news, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total value of $919,875.00. Following the transaction, the chief executive officer now owns 320,088 shares of the company's stock, valued at $117,776,379.60. This represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the transaction, the director now directly owns 6,728 shares in the company, valued at approximately $2,441,523.92. This trade represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,900 shares of company stock worth $3,963,031 in the last quarter. Insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On RBC Bearings

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of RBC Bearings by 8.5% during the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock worth $879,149,000 after buying an additional 229,466 shares during the last quarter. Durable Capital Partners LP boosted its stake in shares of RBC Bearings by 1.9% during the 4th quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company's stock worth $787,141,000 after buying an additional 48,287 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in shares of RBC Bearings by 0.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company's stock worth $328,253,000 after buying an additional 2,884 shares during the last quarter. State Street Corp boosted its stake in shares of RBC Bearings by 2.4% during the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company's stock worth $253,028,000 after buying an additional 19,962 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of RBC Bearings by 32.6% during the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock worth $159,998,000 after buying an additional 131,614 shares during the last quarter.

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.