First Commonwealth Financial Corp PA Takes Position in RBC Bearings Incorporated (NYSE:RBC)

First Commonwealth Financial Corp PA bought a new stake in RBC Bearings Incorporated (NYSE:RBC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,550 shares of the industrial products company’s stock, valued at approximately $464,000.

Several other hedge funds have also recently added to or reduced their stakes in RBC. Marco Investment Management LLC lifted its holdings in shares of RBC Bearings by 6.6% during the third quarter. Marco Investment Management LLC now owns 810 shares of the industrial products company’s stock valued at $242,000 after acquiring an additional 50 shares during the period. Raymond James Trust N.A. lifted its holdings in RBC Bearings by 2.6% during the 3rd quarter. Raymond James Trust N.A. now owns 2,116 shares of the industrial products company’s stock valued at $633,000 after purchasing an additional 53 shares during the last quarter. Legacy Advisors LLC lifted its holdings in RBC Bearings by 1.4% during the 2nd quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock valued at $1,223,000 after purchasing an additional 61 shares during the last quarter. UMB Bank n.a. boosted its position in RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in RBC Bearings by 23.2% during the third quarter. GAMMA Investing LLC now owns 440 shares of the industrial products company’s stock worth $132,000 after buying an additional 83 shares during the last quarter.

Insider Buying and Selling

In other news, CEO Michael J. Hartnett sold 11,341 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $287.52, for a total value of $3,260,764.32. Following the transaction, the chief executive officer now directly owns 320,053 shares in the company, valued at $92,021,638.56. This trade represents a 3.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 34,127 shares of company stock valued at $9,839,707 over the last ninety days. Insiders own 2.60% of the company’s stock.

RBC Bearings Trading Up 0.4 %

Shares of NYSE RBC traded up $1.32 during midday trading on Wednesday, hitting $341.29. The stock had a trading volume of 11,602 shares, compared to its average volume of 143,654. The firm has a market cap of $10.72 billion, a P/E ratio of 49.66, a price-to-earnings-growth ratio of 4.66 and a beta of 1.51. RBC Bearings Incorporated has a fifty-two week low of $240.36 and a fifty-two week high of $343.66. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The company’s 50-day simple moving average is $298.76 and its 200 day simple moving average is $289.10.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $403.89 million. During the same quarter in the previous year, the business earned $2.07 earnings per share. RBC Bearings’s revenue for the quarter was up 3.2% compared to the same quarter last year. Research analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on RBC. Truist Financial lifted their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective for the company in a research report on Friday, November 22nd. William Blair restated an “outperform” rating on shares of RBC Bearings in a report on Tuesday. Finally, Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price target for the company from $330.00 to $335.00 in a report on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $324.67.

RBC Bearings 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.