TimesSquare Capital Management LLC Acquires 13,395 Shares of RBC Bearings Incorporated (NYSE:RBC)

TimesSquare Capital Management LLC raised its holdings in RBC Bearings Incorporated (NYSE:RBC) by 17.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,605 shares of the industrial products company’s stock after buying an additional 13,395 shares during the period. TimesSquare Capital Management LLC owned about 0.31% of RBC Bearings worth $27,125,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Atria Investments Inc grew its holdings in RBC Bearings by 1.8% in the 3rd quarter. Atria Investments Inc now owns 7,277 shares of the industrial products company’s stock valued at $2,179,000 after buying an additional 127 shares in the last quarter. Crestwood Advisors Group LLC bought a new stake in shares of RBC Bearings in the third quarter valued at about $215,000. Angeles Wealth Management LLC acquired a new position in shares of RBC Bearings in the third quarter valued at about $363,000. Conestoga Capital Advisors LLC increased its position in RBC Bearings by 1.7% during the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock worth $221,793,000 after acquiring an additional 12,375 shares during the period. Finally, US Bancorp DE raised its stake in RBC Bearings by 17.4% in the 3rd quarter. US Bancorp DE now owns 6,854 shares of the industrial products company’s stock worth $2,052,000 after purchasing an additional 1,016 shares in the last quarter.

RBC Bearings Trading Up 0.7 %

Shares of RBC Bearings stock opened at $319.85 on Friday. The stock has a market capitalization of $10.05 billion, a PE ratio of 46.69, a price-to-earnings-growth ratio of 3.62 and a beta of 1.51. RBC Bearings Incorporated has a 52 week low of $216.79 and a 52 week high of $322.11. The stock has a 50 day moving average price of $290.90 and a two-hundred day moving average price of $283.46. 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 released its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The business’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.07 EPS. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 8.95 earnings per share for the current fiscal year.

Insider Buying and Selling at RBC Bearings

In other news, CEO Michael J. Hartnett sold 503 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the sale, the chief executive officer now directly owns 322,588 shares of the company’s stock, valued at $93,227,932. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total transaction of $145,367.00. Following the transaction, the chief executive officer now directly owns 322,588 shares of the company’s stock, valued at $93,227,932. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 11,341 shares of the 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 completion of the sale, the chief executive officer now owns 320,053 shares of the company’s stock, valued at approximately $92,021,638.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,327 shares of company stock worth $11,068,921. Insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Truist Financial cut their price target on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $287.67.

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.