RBC Bearings Incorporated $RBC Shares Sold by Geneva Capital Management LLC

Key Points

• Geneva Capital Management trimmed its position in RBC Bearings by 5.2%, selling 32,865 shares and leaving it with 600,365 shares; the holding remained the firm's largest at roughly 4.0% of its portfolio and was valued at about $234.3 million at quarter-end.
• Other institutions moved in notably — Artisan Partners and Norges Bank opened large new stakes worth about $157.2M and $137.1M respectively, while First Trust Advisors and American Century increased their positions by 36.4% and 34.8%.
• RBC Bearings posted stronger-than-expected results, reporting $3.04 EPS vs. $2.83 expected and 17% revenue growth year-over-year; the stock has a $17.7B market cap and a consensus analyst rating of "Buy" with a $574.67 price target.

Geneva Capital Management LLC trimmed its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 5.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 600,365 shares of the industrial products company's stock after selling 32,865 shares during the quarter. RBC Bearings accounts for approximately 4.0% of Geneva Capital Management LLC's portfolio, making the stock its largest holding. Geneva Capital Management LLC owned about 1.90% of RBC Bearings worth $234,316,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Artisan Partners Limited Partnership acquired a new stake in RBC Bearings during the 2nd quarter valued at $157,190,000. Norges Bank acquired a new position in RBC Bearings in the 2nd quarter worth $137,078,000. Frontier Capital Management Co. LLC purchased a new position in RBC Bearings in the 2nd quarter valued at about $39,818,000. First Trust Advisors LP grew its stake in shares of 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 valued at $137,669,000 after acquiring an additional 94,203 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of RBC Bearings by 34.8% during the third quarter. American Century Companies Inc. now owns 207,604 shares of the industrial products company's stock worth $81,026,000 after acquiring an additional 53,622 shares during the last quarter.

RBC Bearings Stock Down 1.0%

Shares of NYSE:RBC opened at $559.99 on Wednesday. The company's fifty day moving average is $523.47 and its two-hundred day moving average is $451.71. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86. RBC Bearings Incorporated has a 1-year low of $297.28 and a 1-year high of $589.16. The stock has a market capitalization of $17.71 billion, a price-to-earnings ratio of 65.88, a price-to-earnings-growth ratio of 3.17 and a beta of 1.47.

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. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The business had revenue of $461.60 million during the quarter, compared to analyst estimates of $460.69 million. During the same period in the previous year, the business posted $2.34 EPS. The company's quarterly revenue was up 17.0% on a year-over-year basis. Equities analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Wall Street Analyst Weigh In

RBC has been the subject of a number of recent analyst reports. Morgan Stanley restated an "overweight" rating and set a $600.00 price objective on shares of RBC Bearings in a research note on Friday, February 6th. KeyCorp lifted their price target on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $542.00 price target on shares of RBC Bearings in a report on Monday, February 9th. Truist Financial increased their price objective on shares of RBC Bearings from $542.00 to $599.00 and gave the company a "buy" rating in a research note on Friday, February 6th. Finally, Deutsche Bank Aktiengesellschaft set a $527.00 price objective on shares of RBC Bearings and gave the stock a "buy" rating in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, RBC Bearings has a consensus rating of "Buy" and a consensus 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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