Alyeska Investment Group L.P. Lowers Holdings in RBC Bearings Incorporated $RBC

Key Points

• Alyeska Investment Group cut its RBC Bearings stake by 55.1% in the second quarter, selling 81,987 shares and retaining 66,917 shares valued at approximately $43.1 million.
• RBC Bearings reported strong quarterly results, with earnings of $3.88 per share and revenue of $519.5 million, exceeding analyst estimates; revenue increased 19.2% year over year.
• Analyst sentiment remains positive overall, with seven Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $623, although insiders sold $885,400 worth of shares over the past three months.

Alyeska Investment Group L.P. lowered its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 55.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 66,917 shares of the industrial products company's stock after selling 81,987 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.21% of RBC Bearings worth $43,099,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. State Street Corp grew its position in shares of RBC Bearings by 0.5% during the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company's stock worth $358,778,000 after buying an additional 4,568 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of 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 worth $277,776,000 after purchasing an additional 48,419 shares during the period. Maren Capital LLC boosted its stake in shares of RBC Bearings by 1.4% during the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company's stock valued at $201,934,000 after purchasing an additional 6,373 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of RBC Bearings by 27.5% during the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company's stock valued at $222,516,000 after purchasing an additional 88,468 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in RBC Bearings by 6.2% during the fourth 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 during the period.

Insider Buying and Selling

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the business's 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 owned 21,337 shares of the company's stock, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dolores J. Ennico sold 600 shares of the company's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the transaction, the director owned 7,254 shares in the company, valued at $4,614,341.94. The trade was a 7.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,425 shares of company stock worth $885,400 in the last three months. Corporate insiders own 1.80% of the company's stock.

RBC Bearings Stock Up 0.1%

Shares of RBC stock opened at $501.02 on Monday. The stock's fifty day moving average price is $574.98 and its 200 day moving average price is $575.30. RBC Bearings Incorporated has a 1-year low of $364.50 and a 1-year high of $667.69. The company has a market cap of $15.86 billion, a price-to-earnings ratio of 49.51, a price-to-earnings-growth ratio of 2.68 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.53 and a quick ratio of 0.98.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, beating analysts' consensus estimates of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The company had revenue of $519.50 million during the quarter, compared to analysts' expectations of $508.92 million. During the same period last year, the business posted $2.84 earnings per share. The firm's revenue was up 19.2% compared to the same quarter last year. On average, research analysts expect that RBC Bearings Incorporated will post 14.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Morgan Stanley boosted their price target on RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 19th. Weiss Ratings downgraded RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $686.00 target price on shares of RBC Bearings in a research note on Tuesday, August 4th. Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Finally, Raymond James Financial upgraded shares of RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 price target on the stock in a report on Monday, August 3rd. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $623.00.

RBC Bearings Company 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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