RBC Bearings Incorporated (NYSE:RBC) Short Interest Update

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

RBC Bearings Stock Down 0.6 %

Shares of NYSE:RBC traded down $1.94 during midday trading on Thursday, hitting $336.40. 45,075 shares of the stock were exchanged, compared to its average volume of 149,289. 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 has a 52-week low of $241.43 and a 52-week high of $372.83. The business’s fifty day simple moving average is $341.29 and its two-hundred day simple moving average is $317.05. The company has a market capitalization of $10.57 billion, a PE ratio of 46.18, a P/E/G ratio of 4.42 and a beta of 1.72.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Truist Financial raised their price objective on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. KeyCorp raised their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Morgan Stanley raised their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $361.20.

Insider Activity at RBC Bearings

In other news, Director Michael H. Ambrose sold 400 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 6,728 shares of the company’s stock, valued at $2,441,523.92. This trade represents a 5.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of the firm’s stock in a transaction 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 approximately $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 have sold a total of 10,900 shares of company stock worth $3,963,031 in the last three months. 2.60% of the stock is owned by company insiders.

Institutional Trading of RBC Bearings

Hedge funds and other institutional investors have recently modified their holdings of the company. R Squared Ltd purchased a new stake in shares of RBC Bearings during the fourth quarter worth $30,000. Golden State Wealth Management LLC purchased a new stake in shares of RBC Bearings during the fourth quarter worth $38,000. UMB Bank n.a. raised its holdings in shares of RBC Bearings by 84.9% during the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 79 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of RBC Bearings during the fourth quarter worth $82,000. Finally, Quarry LP raised its holdings in shares of RBC Bearings by 1,003.7% during the third quarter. Quarry LP now owns 298 shares of the industrial products company’s stock worth $89,000 after acquiring an additional 271 shares in the last quarter.

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.