RBC Bearings Incorporated $RBC Shares Sold by Artisan Partners Limited Partnership

Key Points

• Artisan Partners trimmed its stake in RBC Bearings by 3.6% in the fourth quarter, though it still held 597,069 shares worth about $267.7 million at quarter-end.
• RBC Bearings continues to draw mostly positive Wall Street sentiment: six analysts rate it a Buy, two rate it Hold, and the consensus target price is $584 despite the stock trading above that level.
• The company reported strong quarterly results, beating EPS and revenue estimates, with revenue up 18.3% year over year; however, director Edward Stewart recently sold 600 shares in an insider transaction.

Artisan Partners Limited Partnership lessened its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 3.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 597,069 shares of the industrial products company's stock after selling 22,523 shares during the quarter. Artisan Partners Limited Partnership owned about 1.89% of RBC Bearings worth $267,744,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Lido Advisors LLC lifted its holdings in shares of RBC Bearings by 3.5% during the 4th quarter. Lido Advisors LLC now owns 647 shares of the industrial products company's stock valued at $278,000 after acquiring an additional 22 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of RBC Bearings by 7.1% during the 4th quarter. UMB Bank n.a. now owns 348 shares of the industrial products company's stock valued at $156,000 after acquiring an additional 23 shares in the last quarter. Assetmark Inc. lifted its holdings in shares of RBC Bearings by 4.6% during the 3rd quarter. Assetmark Inc. now owns 563 shares of the industrial products company's stock valued at $220,000 after acquiring an additional 25 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of RBC Bearings by 27.1% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company's stock valued at $48,000 after acquiring an additional 26 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of RBC Bearings by 0.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company's stock valued at $3,930,000 after acquiring an additional 27 shares in the last quarter.

Analyst Upgrades and Downgrades

RBC has been the topic of several recent research reports. Truist Financial restated a "buy" rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Zacks Research lowered shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. KeyCorp lifted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a report on Monday, March 2nd. Weiss Ratings upgraded shares of RBC Bearings from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, May 19th. Finally, Morgan Stanley lifted their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a report on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $584.00.

Insider Buying and Selling at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.90% of the company's stock.

RBC Bearings Stock Performance

RBC Bearings stock opened at $620.72 on Wednesday. RBC Bearings Incorporated has a 12-month low of $363.05 and a 12-month high of $632.00. The company has a market capitalization of $19.64 billion, a price-to-earnings ratio of 68.29, a price-to-earnings-growth ratio of 3.57 and a beta of 1.42. 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 firm's fifty day moving average price is $588.95 and its 200 day moving average price is $536.80.

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

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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