Picton Mahoney Asset Management Grows Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Picton Mahoney Asset Management increased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,154 shares of the industrial products company’s stock after purchasing an additional 2,303 shares during the period. Picton Mahoney Asset Management’s holdings in RBC Bearings were worth $17,138,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of RBC. Vanguard Group Inc. boosted its position in shares of RBC Bearings by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,694,538 shares of the industrial products company’s stock worth $630,872,000 after acquiring an additional 57,510 shares in the last quarter. JPMorgan Chase & Co. raised its stake in RBC Bearings by 16.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 712,962 shares of the industrial products company’s stock worth $166,926,000 after acquiring an additional 99,066 shares in the last quarter. Conestoga Capital Advisors LLC lifted its holdings in shares of RBC Bearings by 0.5% in the 4th quarter. Conestoga Capital Advisors LLC now owns 695,547 shares of the industrial products company’s stock valued at $198,154,000 after purchasing an additional 3,415 shares during the last quarter. Bamco Inc. NY boosted its holdings in shares of RBC Bearings by 0.8% in the third quarter. Bamco Inc. NY now owns 386,570 shares of the industrial products company’s stock valued at $90,508,000 after acquiring an additional 3,084 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in RBC Bearings by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 283,721 shares of the industrial products company’s stock valued at $80,829,000 after purchasing an additional 5,881 shares during the last quarter.

RBC Bearings Price Performance

Shares of NYSE RBC traded up $2.95 during trading on Tuesday, hitting $261.54. 231,403 shares of the company were exchanged, compared to its average volume of 127,030. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.28 and a quick ratio of 1.12. RBC Bearings Incorporated has a 1 year low of $195.18 and a 1 year high of $288.16. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 43.74, a PEG ratio of 4.76 and a beta of 1.46. The firm’s fifty day moving average price is $259.96 and its 200 day moving average price is $259.67.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Thursday, February 8th. The industrial products company reported $1.75 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. The company had revenue of $373.91 million for the quarter, compared to analysts’ expectations of $376.61 million. On average, sell-side analysts expect that RBC Bearings Incorporated will post 8.02 earnings per share for the current fiscal year.

Insider Transactions at RBC Bearings

In other RBC Bearings news, COO Daniel A. Bergeron sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total transaction of $4,008,300.00. Following the completion of the transaction, the chief operating officer now directly owns 121,935 shares in the company, valued at approximately $32,583,470.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on RBC. Citigroup upped their target price on shares of RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a report on Monday, February 12th. Truist Financial boosted their price objective on shares of RBC Bearings from $271.00 to $309.00 and gave the company a “buy” rating in a research note on Wednesday, January 10th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.86.

RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.