RBC Bearings Incorporated (NYSE:RBC) Short Interest Down 16.6% in February

RBC Bearings Incorporated (NYSE:RBC) was the target of a significant drop in short interest during the month of February. As of February 15th, there was short interest totalling 611,800 shares, a drop of 16.6% from the January 31st total of 733,400 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average trading volume of 167,600 shares, the short-interest ratio is currently 3.7 days.

RBC Bearings Stock Up 1.4 %

Shares of RBC Bearings stock traded up $4.77 during trading on Wednesday, hitting $355.24. The company’s stock had a trading volume of 58,732 shares, compared to its average volume of 143,071. RBC Bearings has a 52 week low of $241.43 and a 52 week high of $372.83. The company has a market capitalization of $11.16 billion, a PE ratio of 48.89, a P/E/G ratio of 4.42 and a beta of 1.58. The company has a fifty day simple moving average of $331.92 and a two-hundred day simple moving average of $313.38. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43.

Insider Buying and Selling at RBC Bearings

In related news, Director Michael H. Ambrose sold 400 shares of the stock in a transaction on Wednesday, February 5th. The shares were 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 trade represents a 5.61 % decrease in their position. The transaction 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 on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction of $919,875.00. Following the completion of the sale, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at $117,776,379.60. This represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,900 shares of company stock worth $3,963,031 over the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. R Squared Ltd purchased a new stake in shares of RBC Bearings in the fourth quarter worth $30,000. Golden State Wealth Management LLC bought a new position in RBC Bearings in the 4th quarter worth about $38,000. UMB Bank n.a. grew its position in RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 79 shares during the last quarter. Harbor Investment Advisory LLC bought a new stake in RBC Bearings during the 4th quarter valued at about $82,000. Finally, Quarry LP increased its stake in RBC Bearings by 1,003.7% during the 3rd quarter. Quarry LP now owns 298 shares of the industrial products company’s stock valued at $89,000 after purchasing an additional 271 shares in the last quarter.

Analyst Upgrades and Downgrades

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

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.