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

RBC Bearings Incorporated (NYSE:RBC) saw a significant decline in short interest in 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. Currently, 1.7% of the company’s shares are sold short. Based on an average daily trading volume, of 160,800 shares, the days-to-cover ratio is presently 3.2 days.

Insiders Place Their Bets

In other news, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total transaction of $145,156.00. Following the transaction, the director now owns 6,728 shares of the company’s stock, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total value of $2,898,000.00. Following the sale, the chief financial officer now directly owns 11,382 shares of the company’s stock, valued at $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,900 shares of company stock valued at $3,963,031 over the last three months. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On RBC Bearings

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in 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 valued at $879,149,000 after buying an additional 229,466 shares in the last quarter. Durable Capital Partners LP increased its holdings in shares of RBC Bearings by 1.9% during the fourth quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company’s stock valued at $787,141,000 after acquiring an additional 48,287 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of RBC Bearings by 0.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company’s stock valued at $328,253,000 after purchasing an additional 2,884 shares during the last quarter. State Street Corp boosted its stake in RBC Bearings by 2.4% in the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after purchasing an additional 19,962 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in 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 purchasing an additional 131,614 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RBC. Morgan Stanley lifted their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. KeyCorp lifted their target price on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Truist Financial lifted their price objective on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Finally, Bank of America downgraded shares of 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 research report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $361.20.

RBC Bearings Stock Up 0.8 %

RBC traded up $2.74 on Wednesday, hitting $338.15. The company had a trading volume of 135,339 shares, compared to its average volume of 149,605. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 46.45, a P/E/G ratio of 4.42 and a beta of 1.72. The stock has a fifty day moving average price of $341.29 and a 200-day moving average price of $317.05. RBC Bearings has a 12-month low of $241.43 and a 12-month high of $372.83. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43.

RBC Bearings Company 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.