Natixis Advisors LLC Cuts Stock Position in RBC Bearings Incorporated $RBC

Key Points

• Natixis Advisors LLC trimmed its stake by 18.4% in RBC Bearings, selling 17,037 shares and leaving 75,421 shares worth about $29.4 million at the end of the quarter.
• RBC Bearings beat quarterly expectations with $3.04 EPS and 17% year-over-year revenue growth, and analysts hold an average "Buy" rating with a $574.67 price target.

Natixis Advisors LLC trimmed its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 18.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,421 shares of the industrial products company's stock after selling 17,037 shares during the period. Natixis Advisors LLC owned 0.24% of RBC Bearings worth $29,436,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of RBC. Advisors Asset Management Inc. purchased a new stake in shares of RBC Bearings during the first quarter worth about $26,000. Root Financial Partners LLC purchased a new position in RBC Bearings in the 3rd quarter valued at about $36,000. EverSource Wealth Advisors LLC boosted its holdings in RBC Bearings by 123.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company's stock worth $37,000 after buying an additional 53 shares during the last quarter. Quent Capital LLC acquired a new stake in RBC Bearings in the 3rd quarter worth about $38,000. Finally, Hantz Financial Services Inc. increased its stake in RBC Bearings by 51.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 144 shares of the industrial products company's stock worth $56,000 after buying an additional 49 shares in the last quarter.

RBC Bearings Trading Down 1.0%

Shares of RBC Bearings stock opened at $559.99 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 0.67. The stock's 50 day simple moving average is $523.47 and its 200-day simple moving average is $451.71. The stock has a market cap of $17.71 billion, a P/E ratio of 65.88, a P/E/G ratio of 3.17 and a beta of 1.47. RBC Bearings Incorporated has a 1-year low of $297.28 and a 1-year high of $589.16.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, beating the consensus estimate of $2.83 by $0.21. The firm 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 business's revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.34 earnings per share. Analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RBC. Truist Financial raised their target price on RBC Bearings from $542.00 to $599.00 and gave the company a "buy" rating in a research report on Friday, February 6th. Wall Street Zen downgraded RBC Bearings from a "buy" rating to a "hold" rating in a research note on Sunday. KeyCorp raised their price objective on RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a report on Monday, March 2nd. Zacks Research raised shares of RBC Bearings from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 11th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of RBC Bearings in a report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $574.67.

About RBC Bearings

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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