Centaurus Financial Inc. Grows Stake in RBC Bearings Incorporated (NYSE:RBC)

Centaurus Financial Inc. grew its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 233.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,851 shares of the industrial products company’s stock after buying an additional 1,995 shares during the period. Centaurus Financial Inc.’s holdings in RBC Bearings were worth $854,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. UMB Bank n.a. increased its position in RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 75 shares during the period. DT Investment Partners LLC purchased a new position in shares of RBC Bearings during the second quarter valued at about $35,000. Opal Wealth Advisors LLC bought a new position in RBC Bearings in the second quarter worth about $41,000. Canada Pension Plan Investment Board purchased a new stake in RBC Bearings in the second quarter worth about $54,000. Finally, Strategic Financial Concepts LLC purchased a new position in shares of RBC Bearings during the 2nd quarter worth approximately $68,000.

RBC Bearings Price Performance

RBC opened at $338.85 on Tuesday. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $343.66. The stock has a 50-day moving average price of $298.76 and a 200-day moving average price of $289.10. The firm has a market cap of $10.64 billion, a PE 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 current ratio of 3.48 and a quick ratio of 1.28.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm had revenue of $397.90 million during the quarter, compared to analysts’ expectations of $403.89 million. During the same period last year, the firm posted $2.07 earnings per share. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. Sell-side analysts predict that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 11,341 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the transaction, the chief executive officer now owns 320,053 shares in the company, valued at approximately $92,021,638.56. This represents a 3.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders have sold 34,127 shares of company stock valued at $9,839,707. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RBC has been the topic of several research reports. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target on the stock in a research report on Friday. Truist Financial boosted their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and increased their price target for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $324.67.

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.