Advantage Alpha Capital Partners LP Has $4.09 Million Position in RBC Bearings Incorporated (NYSE:RBC)

Advantage Alpha Capital Partners LP decreased its stake in RBC Bearings Incorporated (NYSE:RBC) by 37.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,679 shares of the industrial products company’s stock after selling 8,161 shares during the period. Advantage Alpha Capital Partners LP’s holdings in RBC Bearings were worth $4,089,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in RBC. 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 shares of RBC Bearings in the 2nd quarter worth approximately $35,000. Opal Wealth Advisors LLC bought a new stake in shares of RBC Bearings in the 2nd quarter valued at $41,000. Canada Pension Plan Investment Board acquired a new stake in shares of RBC Bearings during the second quarter worth $54,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of RBC Bearings in the 2nd quarter worth about $68,000.

Analysts Set New Price Targets

Several analysts have recently weighed in on RBC shares. Truist Financial lifted their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. KeyCorp raised shares of 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. Finally, Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and increased their price target for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $324.67.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 3,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the transaction, the chief executive officer now owns 294,120 shares in the company, valued at $83,597,727.60. This trade represents a 1.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 34,127 shares of company stock worth $9,839,707 over the last ninety days. 2.60% of the stock is currently owned by company insiders.

RBC Bearings Stock Performance

Shares of RBC stock opened at $338.85 on Tuesday. RBC Bearings Incorporated has a 52 week low of $240.36 and a 52 week high of $343.66. The firm’s 50-day simple moving average is $298.76 and its two-hundred day simple moving average is $289.10. The firm has a market cap of $10.64 billion, a price-to-earnings ratio of 49.47, a P/E/G ratio of 4.63 and a beta of 1.51. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS 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 company had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. During the same period last year, the firm posted $2.07 EPS. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, equities analysts forecast that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

RBC Bearings 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.