RBC Bearings Incorporated $RBC Shares Sold by Champlain Investment Partners LLC

Key Points

• Champlain Investment Partners LLC reduced its stake in RBC Bearings by 30% in Q1 2024, now holding approximately 0.50% of the company.
• Several brokerages have raised their price targets for RBC Bearings, with KeyCorp increasing theirs from $405 to $450, indicating positive market sentiment.
• RBC Bearings reported a net income of $2.84 EPS for the latest quarter, exceeding analysts' expectations and reflecting a 7.3% revenue increase year-over-year.

Champlain Investment Partners LLC lowered its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 30.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 155,961 shares of the industrial products company's stock after selling 66,699 shares during the quarter. Champlain Investment Partners LLC owned 0.50% of RBC Bearings worth $50,184,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. NBC Securities Inc. acquired a new stake in RBC Bearings during the first quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of RBC Bearings by 109.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 59 shares in the last quarter. Golden State Wealth Management LLC grew its position in shares of RBC Bearings by 107.1% in the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after purchasing an additional 136 shares in the last quarter. UMB Bank n.a. grew its position in RBC Bearings by 80.8% during the first quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock worth $100,000 after buying an additional 139 shares in the last quarter. Finally, SVB Wealth LLC purchased a new position in RBC Bearings in the first quarter worth $111,000.

Analyst Upgrades and Downgrades

RBC has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Truist Financial boosted their price target on RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. KeyCorp upped their price objective 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 started coverage on shares of RBC Bearings in a research note on Wednesday, July 16th. They set a "buy" rating and a $480.00 target price on the stock. Finally, Zacks Research raised shares of RBC Bearings from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $425.17.

RBC Bearings Stock Performance

NYSE RBC traded down $9.48 during mid-day trading on Monday, reaching $389.23. 202,052 shares of the stock were exchanged, compared to its average volume of 177,646. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.33 and a current ratio of 3.33. The business's 50 day moving average is $391.49 and its 200-day moving average is $363.31. The company has a market capitalization of $12.29 billion, a P/E ratio of 49.02, a P/E/G ratio of 3.02 and a beta of 1.73. RBC Bearings Incorporated has a 1 year low of $272.50 and a 1 year high of $416.33.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Friday, August 1st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.10. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The business had revenue of $436.00 million for the quarter, compared to analyst estimates of $432.63 million. During the same quarter last year, the business earned $2.54 earnings per share. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. RBC Bearings has set its Q2 2026 guidance at EPS. On average, equities research analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael J. Hartnett sold 9,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $371.37, for a total value of $3,342,330.00. Following the transaction, the chief executive officer owned 302,853 shares of the company's stock, valued at $112,470,518.61. This represents a 2.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Daniel A. Bergeron sold 48,743 shares of RBC Bearings stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $402.75, for a total value of $19,631,243.25. Following the completion of the sale, the chief operating officer directly owned 111,134 shares of the company's stock, valued at $44,759,218.50. The trade was a 30.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,716 shares of company stock valued at $48,818,116 over the last 90 days. Insiders own 1.90% of the company's stock.

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.