Conestoga Capital Advisors LLC Sells 41,533 Shares of RBC Bearings Incorporated $RBC

Key Points

• Conestoga Capital Advisors cut its stake in RBC Bearings by 6.6%, selling 41,533 shares to hold 584,410 shares (about 1.85% of RBC and ~4.4% of Conestoga's portfolio), a position valued at roughly $262.1 million and the fund's second-largest holding.
• RBC Bearings beat Q4 expectations with EPS of $3.04 versus $2.83 expected and revenue of $461.6 million (up 17% year-over-year), showing recent operational strength.
• Analysts are mostly positive with a consensus "Buy" and an average price target of $574.67 (several firms raising targets to $599–$680); the stock trades near $600 and carries a high PE ratio of about 70.6.

Conestoga Capital Advisors LLC lowered its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 6.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 584,410 shares of the industrial products company's stock after selling 41,533 shares during the quarter. RBC Bearings makes up approximately 4.4% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 2nd largest position. Conestoga Capital Advisors LLC owned approximately 1.85% of RBC Bearings worth $262,067,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Assetmark Inc. increased its position in shares of RBC Bearings by 4.6% in the third quarter. Assetmark Inc. now owns 563 shares of the industrial products company's stock valued at $220,000 after acquiring an additional 25 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of RBC Bearings by 2.7% in the third quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company's stock valued at $383,000 after acquiring an additional 26 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of RBC Bearings by 27.1% in the third quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company's stock valued at $48,000 after acquiring an additional 26 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of RBC Bearings by 0.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company's stock valued at $3,930,000 after acquiring an additional 27 shares during the last quarter. Finally, Allworth Financial LP increased its position in shares of RBC Bearings by 12.1% in the third quarter. Allworth Financial LP now owns 259 shares of the industrial products company's stock valued at $101,000 after acquiring an additional 28 shares during the last quarter.

RBC Bearings Trading Up 2.6%

Shares of NYSE:RBC opened at $599.85 on Friday. RBC Bearings Incorporated has a 12-month low of $331.05 and a 12-month high of $607.45. The stock has a market cap of $18.97 billion, a PE ratio of 70.57, a P/E/G ratio of 2.79 and a beta of 1.49. The business has a 50 day moving average of $566.84 and a 200-day moving average of $497.78. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.21. The business had revenue of $461.60 million during the quarter, compared to analysts' expectations of $460.69 million. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The firm's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the previous year, the company posted $2.34 earnings per share. As a group, equities research analysts forecast that RBC Bearings Incorporated will post 11.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Truist Financial lifted their price target on RBC Bearings from $542.00 to $599.00 and gave the stock a "buy" rating in a report on Friday, February 6th. Morgan Stanley reiterated an "overweight" rating and set a $600.00 price target on shares of RBC Bearings in a report on Friday, February 6th. The Goldman Sachs Group reiterated a "neutral" rating and set a $542.00 price target on shares of RBC Bearings in a report on Monday, February 9th. Zacks Research upgraded RBC Bearings from a "hold" rating to a "strong-buy" rating in a report on Wednesday, February 11th. Finally, KeyCorp lifted their price target on RBC Bearings from $595.00 to $680.00 and gave the stock an "overweight" rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $574.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.