News

Aug 30, 2023

Lisanti Capital Growth LLC Takes Position in RBC Bearings Incorporated (NYSE:RBC)

Lisanti Capital Growth LLC acquired a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and

Lisanti Capital Growth LLC acquired a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 33,650 shares of the industrial products company's stock, valued at approximately $7,831,000. Lisanti Capital Growth LLC owned about 0.12% of RBC Bearings as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. raised its stake in shares of RBC Bearings by 16.1% during the 1st quarter. American Century Companies Inc. now owns 2,786 shares of the industrial products company's stock worth $540,000 after buying an additional 387 shares in the last quarter. HighTower Advisors LLC boosted its holdings in RBC Bearings by 6.8% in the first quarter. HighTower Advisors LLC now owns 7,920 shares of the industrial products company's stock valued at $1,545,000 after acquiring an additional 501 shares during the last quarter. Private Advisor Group LLC raised its position in RBC Bearings by 12.8% in the first quarter. Private Advisor Group LLC now owns 3,303 shares of the industrial products company's stock valued at $641,000 after purchasing an additional 375 shares during the period. MetLife Investment Management LLC increased its position in shares of RBC Bearings by 53.4% during the first quarter. MetLife Investment Management LLC now owns 14,826 shares of the industrial products company's stock worth $2,874,000 after acquiring an additional 5,159 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in RBC Bearings by 1.6% in the first quarter. BlackRock Inc. now owns 2,145,334 shares of the industrial products company's stock valued at $415,937,000 after buying an additional 33,956 shares during the last quarter.

In other news, Director Michael H. Ambrose sold 400 shares of the firm's stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $220.00, for a total transaction of $88,000.00. Following the completion of the sale, the director now owns 6,800 shares of the company's stock, valued at $1,496,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.71% of the company's stock.

NYSE:RBC traded up $6.33 during trading hours on Friday, reaching $220.78. The company's stock had a trading volume of 409,036 shares, compared to its average volume of 197,775. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.95 and a quick ratio of 1.05. RBC Bearings Incorporated has a one year low of $195.18 and a one year high of $264.94. The business's 50-day moving average is $215.17 and its 200-day moving average is $223.35. The company has a market cap of $6.38 billion, a price-to-earnings ratio of 43.41, a price-to-earnings-growth ratio of 4.74 and a beta of 1.42.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings data on Friday, May 19th. The industrial products company reported $2.06 EPS for the quarter, beating analysts' consensus estimates of $1.80 by $0.26. RBC Bearings had a net margin of 11.34% and a return on equity of 9.45%. The business had revenue of $394.42 million during the quarter, compared to analyst estimates of $379.84 million. Equities research analysts predict that RBC Bearings Incorporated will post 7.9 EPS for the current year.

Separately, Truist Financial boosted their price objective on RBC Bearings from $263.00 to $265.00 and gave the stock a "buy" rating in a research report on Friday, July 21st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, RBC Bearings currently has an average rating of "Hold" and a consensus target price of $245.83.

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.

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