Wasatch Advisors LP trimmed its stake in shares of RBC Bearings Incorporated (NYSE:RBC – Free Report) by 42.6% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 575,966 shares of the industrial products company’s stock after selling 427,371 shares during the quarter. RBC Bearings comprises about 2.1% of Wasatch Advisors LP’s portfolio, making the stock its 9th biggest holding. Wasatch Advisors LP’s holdings in RBC Bearings were worth $312,819,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of the stock. State Street Corp lifted its position in RBC Bearings by 0.5% during the third quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock worth $358,778,000 after purchasing an additional 4,568 shares during the period. Artisan Partners Limited Partnership increased its holdings in RBC Bearings by 51.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock valued at $241,821,000 after buying an additional 211,093 shares during the period. Geode Capital Management LLC increased its holdings in RBC Bearings by 8.5% in the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock valued at $277,776,000 after buying an additional 48,419 shares during the period. Maren Capital LLC raised its position in shares of RBC Bearings by 1.4% in the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock valued at $201,934,000 after buying an additional 6,373 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of RBC Bearings by 6.2% in the 4th quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock valued at $181,514,000 after buying an additional 23,616 shares in the last quarter.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on RBC shares. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Truist Financial restated a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Wall Street Zen lowered RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, KeyCorp lifted their target price on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $584.00.
RBC Bearings Stock Down 2.9%
Shares of RBC opened at $630.07 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. RBC Bearings Incorporated has a 52 week low of $364.50 and a 52 week high of $667.69. The stock has a market capitalization of $19.94 billion, a price-to-earnings ratio of 69.31, a PEG ratio of 3.75 and a beta of 1.42. The stock has a fifty day moving average of $597.75 and a 200-day moving average of $547.06.
RBC Bearings (NYSE:RBC – Get Free Report) last issued its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same quarter in the previous year, the company posted $2.83 EPS. RBC Bearings’s quarterly revenue was up 18.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.
Insider Transactions at RBC Bearings
In related news, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the sale, the director directly owned 21,337 shares in the company, valued at $12,649,213.71. This trade represents a 2.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the sale, the director owned 7,254 shares in the company, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,425 shares of company stock worth $885,400. Insiders own 1.90% of the company’s stock.
RBC Bearings Profile
RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.
The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.
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