Curated Wealth Partners LLC Sells 29,385 Shares of RBC Bearings Incorporated $RBC

Key Points

• Curated Wealth Partners cut its RBC Bearings stake by 94.8% in the third quarter, selling 29,385 shares and retaining 1,612 shares valued at approximately $805,000.
• RBC Bearings reported quarterly earnings of $3.88 per share, exceeding estimates of $3.42, while revenue rose 19.2% year over year to $519.5 million.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $615.44, compared with the stock’s reported price of $498.97.

Curated Wealth Partners LLC decreased its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 94.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,612 shares of the industrial products company's stock after selling 29,385 shares during the quarter. Curated Wealth Partners LLC's holdings in RBC Bearings were worth $805,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RBC. Toth Financial Advisory Corp purchased a new position in RBC Bearings during the third quarter valued at $25,000. Western Wealth Management LLC purchased a new stake in shares of RBC Bearings during the 1st quarter worth approximately $27,000. Millstone Evans Group LLC lifted its position in RBC Bearings by 45.3% during the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 24 shares during the last quarter. Basecamp Wealth Advisors LLC lifted its position in RBC Bearings by 49.3% during the first quarter. Basecamp Wealth Advisors LLC now owns 103 shares of the industrial products company's stock valued at $56,000 after purchasing an additional 34 shares during the last quarter. Finally, Ashurst Perkins Coie Trust Co bought a new stake in shares of RBC Bearings in the 3rd quarter worth about $63,000.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $498.97 on Friday. The company has a 50 day simple moving average of $508.11 and a two-hundred day simple moving average of $561.46. The stock has a market cap of $15.80 billion, a price-to-earnings ratio of 49.31, a PEG ratio of 2.69 and a beta of 1.38. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 12 month low of $364.50 and a 12 month high of $667.69.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, beating the consensus estimate of $3.42 by $0.46. The company had revenue of $519.50 million for the quarter, compared to analyst estimates of $508.92 million. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The firm's revenue was up 19.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.84 earnings per share. As a group, analysts predict that RBC Bearings Incorporated will post 14.03 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Weiss Ratings downgraded RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 27th. Royal Bank Of Canada set a $600.00 price target on shares of RBC Bearings in a research note on Monday, September 14th. Raymond James Financial raised shares of RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 price target for the company in a research report on Monday, August 3rd. Wall Street Zen lowered RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Finally, Truist Financial increased their price target on shares of RBC Bearings from $615.00 to $646.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $615.44.

RBC Bearings Company Profile

RBC Bearings Incorporated designs and manufactures highly engineered bearings and related components for demanding aerospace, defense and industrial applications. Its products are used in systems that require precision, reliability and resistance to extreme operating conditions.

The company's product portfolio includes plain bearings, roller bearings, ball bearings, rod ends, spherical bearings, precision components and other motion-control products. These products support applications such as aircraft structures and flight controls, aircraft engines, landing systems, space systems, military equipment, construction machinery, energy equipment and other industrial systems.

Founded in 1919, RBC Bearings serves original equipment manufacturers and aftermarket customers through operations and sales channels in North America, Europe and Asia.

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