Next Century Growth Investors LLC Has $16.49 Million Stock Holdings in RBC Bearings Incorporated $RBC

Key Points

• Next Century Growth Investors LLC cut its RBC Bearings stake by 25.1% in the fourth quarter, leaving it with 36,764 shares valued at about $16.49 million.
• RBC Bearings reported strong quarterly results, including EPS of $3.62 versus analyst estimates of $3.31 and revenue of $518 million, up 18.3% year over year.
• Analyst sentiment remains constructive overall, with six Buy ratings and two Hold ratings, though Zacks recently downgraded the stock to Hold while other firms raised price targets.

Next Century Growth Investors LLC decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 25.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,764 shares of the industrial products company's stock after selling 12,340 shares during the period. Next Century Growth Investors LLC owned about 0.12% of RBC Bearings worth $16,486,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Comerica Bank lifted its stake in RBC Bearings by 19.5% in the 4th quarter. Comerica Bank now owns 90,283 shares of the industrial products company's stock valued at $40,486,000 after purchasing an additional 14,747 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of RBC Bearings by 263.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company's stock valued at $1,788,000 after acquiring an additional 2,709 shares during the last quarter. Faithward Advisors LLC bought a new position in shares of RBC Bearings during the third quarter valued at $2,826,000. DNB Asset Management AS raised its stake in shares of RBC Bearings by 91.6% during the third quarter. DNB Asset Management AS now owns 6,987 shares of the industrial products company's stock valued at $2,727,000 after acquiring an additional 3,340 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in RBC Bearings by 36.4% during the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company's stock worth $137,669,000 after buying an additional 94,203 shares during the last quarter.

Insider Activity

In other news, Director Edward Stewart sold 600 shares of the company's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the sale, the director owned 21,337 shares in the company, valued at $12,649,213.71. This represents a 2.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.90% of the stock is currently owned by insiders.

RBC Bearings Stock Down 0.7%

Shares of NYSE RBC opened at $603.22 on Friday. RBC Bearings Incorporated has a 1 year low of $363.05 and a 1 year high of $632.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78. The company has a 50-day moving average price of $586.12 and a 200-day moving average price of $533.61. The stock has a market capitalization of $19.09 billion, a P/E ratio of 66.36, a P/E/G ratio of 3.49 and a beta of 1.42.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts' consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The company had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same quarter last year, the company earned $2.83 earnings per share. The company's revenue for the quarter was up 18.3% on a year-over-year basis. On average, equities research analysts forecast that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RBC. Zacks Research downgraded shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Wall Street Zen raised shares of RBC Bearings from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. KeyCorp lifted their price target on shares of RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a research note on Monday, March 2nd. Truist Financial reaffirmed a "buy" rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Finally, Morgan Stanley lifted their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a research note on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $584.00.

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.

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