Conestoga Capital Advisors LLC Sells 92,741 Shares of RBC Bearings Incorporated $RBC

Key Points

• Conestoga Capital Advisors LLC reduced its holdings in RBC Bearings by 12.7%, selling 92,741 shares during the second quarter, now owning a total of 637,746 shares.
• RBC Bearings reported a quarterly EPS of $1.22 and is expected to post 9.16 EPS for the current fiscal year, with a revenue of $156.21 million.
• Analysts have varying ratings on RBC Bearings, with KeyCorp increasing their price target from $405 to $450, while Zacks downgraded it from a "strong-buy" to "hold" rating.

Conestoga Capital Advisors LLC cut its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 12.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 637,746 shares of the industrial products company's stock after selling 92,741 shares during the quarter. RBC Bearings makes up 3.6% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 4th largest position. Conestoga Capital Advisors LLC owned about 2.02% of RBC Bearings worth $245,405,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of RBC. Vista Finance LLC lifted its stake in shares of RBC Bearings by 4.1% during the 2nd quarter. Vista Finance LLC now owns 915 shares of the industrial products company's stock worth $352,000 after purchasing an additional 36 shares during the period. First Bank & Trust increased its stake in RBC Bearings by 2.1% in the first quarter. First Bank & Trust now owns 2,165 shares of the industrial products company's stock valued at $697,000 after purchasing an additional 44 shares during the last quarter. Sheets Smith Wealth Management lifted its position in RBC Bearings by 0.9% during the second quarter. Sheets Smith Wealth Management now owns 5,064 shares of the industrial products company's stock worth $1,949,000 after buying an additional 44 shares during the period. Xponance Inc. boosted its stake in RBC Bearings by 1.5% in the 1st quarter. Xponance Inc. now owns 3,491 shares of the industrial products company's stock worth $1,123,000 after buying an additional 51 shares during the last quarter. Finally, Harbor Investment Advisory LLC boosted its stake in RBC Bearings by 19.8% in the 2nd quarter. Harbor Investment Advisory LLC now owns 327 shares of the industrial products company's stock worth $126,000 after buying an additional 54 shares during the last quarter.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $372.46 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33. RBC Bearings Incorporated has a 1-year low of $272.50 and a 1-year high of $416.33. The company has a market capitalization of $11.75 billion, a price-to-earnings ratio of 46.91, a PEG ratio of 2.88 and a beta of 1.71. The business has a 50-day moving average of $385.97 and a 200-day moving average of $371.93.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results on Monday, August 15th. The industrial products company reported $1.22 EPS for the quarter. The firm had revenue of $156.21 million for the quarter. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. On average, equities analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other RBC Bearings news, VP John J. Feeney sold 105 shares of the business's stock in a transaction on Friday, September 26th. The shares were sold at an average price of $382.83, for a total value of $40,197.15. Following the transaction, the vice president owned 2,666 shares in the company, valued at $1,020,624.78. The trade was a 3.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Daniel A. Bergeron sold 48,743 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $402.75, for a total transaction of $19,631,243.25. Following the completion of the transaction, the chief operating officer directly owned 111,134 shares of the company's stock, valued at approximately $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 own 1.90% of the company's stock.

Analysts Set New Price Targets

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

RBC Bearings Profile

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.

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