Envestnet Portfolio Solutions Inc. Cuts Position in RBC Bearings Incorporated $RBC

Envestnet Portfolio Solutions Inc. lowered its holdings in RBC Bearings Incorporated (NYSE:RBC) by 12.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,998 shares of the industrial products company’s stock after selling 584 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in RBC Bearings were worth $1,538,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Nuveen LLC acquired a new stake in shares of RBC Bearings in the first quarter valued at about $20,847,000. Driehaus Capital Management LLC purchased a new position in RBC Bearings in the first quarter valued at about $11,414,000. Invesco Ltd. lifted its position in shares of RBC Bearings by 11.2% during the 1st quarter. Invesco Ltd. now owns 260,924 shares of the industrial products company’s stock valued at $83,958,000 after acquiring an additional 26,338 shares during the period. Blair William & Co. IL boosted its stake in shares of RBC Bearings by 13.4% during the 1st quarter. Blair William & Co. IL now owns 210,485 shares of the industrial products company’s stock worth $67,728,000 after acquiring an additional 24,885 shares in the last quarter. Finally, Gotham Asset Management LLC grew its holdings in shares of RBC Bearings by 95.1% in the 1st quarter. Gotham Asset Management LLC now owns 50,494 shares of the industrial products company’s stock worth $16,247,000 after acquiring an additional 24,616 shares during the period.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, VP John J. Feeney sold 105 shares of the stock in a transaction on Friday, September 26th. The stock was sold at an average price of $382.83, for a total transaction of $40,197.15. Following the transaction, the vice president owned 2,666 shares of the company’s stock, valued at $1,020,624.78. This represents a 3.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Daniel A. Bergeron sold 48,743 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $402.75, for a total value of $19,631,243.25. Following the sale, the chief operating officer owned 111,134 shares in the company, valued at $44,759,218.50. This trade represents a 30.49% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.

RBC Bearings Price Performance

NYSE:RBC opened at $372.46 on Friday. RBC Bearings Incorporated has a 12-month low of $272.50 and a 12-month high of $416.33. The firm has a market cap of $11.75 billion, a price-to-earnings ratio of 46.91, a price-to-earnings-growth ratio of 2.85 and a beta of 1.71. The company’s 50-day moving average is $385.97 and its two-hundred day moving average is $371.31. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Monday, August 15th. The industrial products company reported $1.22 EPS for the quarter. The business had revenue of $156.21 million during the quarter. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. Research analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Analysts Set New Price Targets

RBC has been the subject of several research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RBC Bearings in a report on Wednesday, October 8th. KeyCorp lifted their price target on RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft set a $503.00 price objective on shares of RBC Bearings and gave the stock a “buy” rating in a research report on Wednesday, October 8th. The Goldman Sachs Group raised their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Finally, Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus target price of $429.00.

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.