RBC Bearings Incorporated (NYSE:RBC) Sees Significant Decline in Short Interest

RBC Bearings Incorporated (NYSE:RBC) was the target of a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 510,500 shares, a decrease of 16.6% from the February 13th total of 611,800 shares. Based on an average daily volume of 160,800 shares, the short-interest ratio is currently 3.2 days. Currently, 1.7% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. William Blair reissued an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Truist Financial boosted their target price on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their price target for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Morgan Stanley upped their price objective on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Finally, KeyCorp raised 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. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and a consensus price target of $361.20.

Insider Activity

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $362.25, for a total transaction 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 approximately $4,123,129.50. This trade represents a 41.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Hartnett sold 2,500 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the transaction, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at approximately $117,776,379.60. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,900 shares of company stock valued at $3,963,031. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On RBC Bearings

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of RBC Bearings by 8.5% in the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company’s stock valued at $879,149,000 after acquiring an additional 229,466 shares in the last quarter. Durable Capital Partners LP increased its position 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 worth $787,141,000 after purchasing an additional 48,287 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in 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 lifted its holdings 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 valued at $253,028,000 after purchasing an additional 19,962 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake 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.

RBC Bearings Price Performance

Shares of RBC stock traded up $2.74 on Wednesday, reaching $338.15. 135,339 shares of the company were exchanged, compared to its average volume of 149,605. The company has a market cap 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. RBC Bearings has a 1 year low of $241.43 and a 1 year high of $372.83. The business has a 50-day moving average price of $341.29 and a 200 day moving average price of $317.05. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43.

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.