RBC Bearings Incorporated $RBC Shares Sold by GW&K Investment Management LLC

Key Points

• GW&K Investment Management cut its RBC Bearings stake by 7.6% in the fourth quarter, selling 29,907 shares and ending with 364,336 shares valued at about $163.4 million.
• RBC Bearings reported better-than-expected quarterly results, posting EPS of $3.62 versus estimates of $3.31 and revenue of $518.0 million, up 18.3% year over year.
• Sentiment remains mixed: one analyst downgraded the stock to hold, while others maintained or raised ratings, and RBC shares were trading near their 52-week high at $592.52.

GW&K Investment Management LLC decreased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 7.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 364,336 shares of the industrial products company's stock after selling 29,907 shares during the quarter. RBC Bearings comprises approximately 1.4% of GW&K Investment Management LLC's investment portfolio, making the stock its 2nd biggest holding. GW&K Investment Management LLC owned about 1.15% of RBC Bearings worth $163,382,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of RBC. Norges Bank acquired a new position in RBC Bearings during the fourth quarter valued at approximately $175,909,000. Artisan Partners Limited Partnership grew its holdings in RBC Bearings by 51.7% during the third quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company's stock valued at $241,821,000 after purchasing an additional 211,093 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in RBC Bearings by 39,846.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company's stock valued at $83,295,000 after purchasing an additional 185,284 shares during the period. Invesco Ltd. grew its holdings in RBC Bearings by 60.5% during the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company's stock valued at $148,763,000 after purchasing an additional 143,710 shares during the period. Finally, First Trust Advisors LP grew its holdings 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 valued at $137,669,000 after purchasing an additional 94,203 shares during the period.

RBC Bearings Price Performance

NYSE:RBC opened at $592.52 on Wednesday. RBC Bearings Incorporated has a one year low of $363.05 and a one year high of $632.00. The company has a market cap of $18.75 billion, a P/E ratio of 65.18, a P/E/G ratio of 3.42 and a beta of 1.42. The firm's fifty day moving average price is $582.68 and its two-hundred day moving average price is $530.78. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating 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 period in the previous year, the company earned $2.83 earnings per share. The company's quarterly revenue was up 18.3% on a year-over-year basis. Equities analysts expect that RBC Bearings Incorporated will post 13.58 earnings per share for the current year.

Insider Activity at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the company'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 transaction, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RBC. Zacks Research cut shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Weiss Ratings upgraded shares of RBC Bearings from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, May 19th. Wall Street Zen upgraded shares of RBC Bearings from a "hold" rating to a "buy" rating in a report on Saturday. KeyCorp upped their price target 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. Finally, Morgan Stanley upped their price target 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 equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $584.00.

RBC Bearings Company 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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