RBC Bearings Incorporated $RBC Holdings Decreased by Conestoga Capital Advisors LLC

Key Points

• Conestoga Capital Advisors cut its RBC Bearings stake by 26.5% in the first quarter, selling 155,101 shares and leaving it with 429,309 shares valued at about $233.2 million. RBC still remained its largest holding, making up 4.7% of the portfolio.
• Several analysts remain constructive on RBC Bearings despite a few downgrades: Morgan Stanley raised its price target to $640, and the overall consensus is a Moderate Buy with a $584 target price.
• RBC Bearings posted better-than-expected quarterly results, reporting EPS of $3.62 versus $3.31 expected and revenue of $518 million versus $505.9 million estimated. Revenue also rose 18.3% year over year.

Conestoga Capital Advisors LLC trimmed its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 26.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 429,309 shares of the industrial products company's stock after selling 155,101 shares during the quarter. RBC Bearings comprises about 4.7% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its biggest holding. Conestoga Capital Advisors LLC owned about 1.36% of RBC Bearings worth $233,166,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Advisors Asset Management Inc. purchased a new stake in RBC Bearings in the first quarter worth about $26,000. SBI Securities Co. Ltd. boosted its position in shares of RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company's stock worth $29,000 after purchasing an additional 33 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company's stock worth $32,000 after purchasing an additional 49 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of RBC Bearings in the 4th quarter worth approximately $35,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of 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.

Analyst Ratings Changes

A number of research analysts have issued reports on RBC shares. Morgan Stanley lifted their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a research note on Tuesday, May 19th. Wall Street Zen lowered shares of RBC Bearings from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. Zacks Research cut RBC Bearings from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 3rd. Weiss Ratings downgraded RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, June 17th. Finally, Truist Financial restated a "buy" rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $584.00.

RBC Bearings Trading Down 3.6%

Shares of RBC Bearings stock opened at $621.19 on Thursday. RBC Bearings Incorporated has a 1-year low of $364.50 and a 1-year high of $667.69. The company's fifty day simple moving average is $600.54 and its 200-day simple moving average is $551.70. 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 stock has a market capitalization of $19.65 billion, a PE ratio of 68.34, a P/E/G ratio of 3.72 and a beta of 1.40.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping the consensus estimate of $3.31 by $0.31. The firm had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.RBC Bearings's revenue was up 18.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.83 EPS. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current year.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 21,337 shares in the company, valued at $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the transaction, the director owned 7,254 shares in the company, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,425 shares of company stock valued at $885,400 over the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

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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