RBC Bearings Incorporated $RBC Stake Lessened by Clearbridge Investments LLC

Key Points

• Clearbridge Investments LLC cut its stake in RBC Bearings by 11.2% in the fourth quarter, leaving it with 400,602 shares valued at about $179.6 million.
• Recent analyst activity has been mixed, but the overall view remains positive: RBC Bearings has a Moderate Buy consensus with an average price target of $584, while some firms raised targets as high as $680.
• The company posted strong quarterly results, with EPS of $3.62 topping estimates and revenue rising 18.3% year over year to $518 million; shares recently traded at $591.56, near the top of their 52-week range.

Clearbridge Investments LLC lessened its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 11.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 400,602 shares of the industrial products company's stock after selling 50,475 shares during the period. Clearbridge Investments LLC owned about 1.27% of RBC Bearings worth $179,642,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RBC. Advisors Asset Management Inc. bought a new stake in shares of RBC Bearings in the first quarter worth $26,000. SBI Securities Co. Ltd. increased its stake in shares of RBC Bearings by 106.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company's stock worth $29,000 after buying an additional 33 shares during the last quarter. Larson Financial Group LLC increased its stake in RBC Bearings by 148.5% during the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 49 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in RBC Bearings during the fourth quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC increased its stake in RBC Bearings by 123.3% during the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company's stock valued at $37,000 after purchasing an additional 53 shares during the last quarter.

Analysts Set New Price Targets

RBC has been the subject of several recent research reports. Wall Street Zen upgraded shares of RBC Bearings from a "hold" rating to a "buy" rating in a research note on Saturday. The Goldman Sachs Group reiterated a "neutral" rating and set a $542.00 target price on shares of RBC Bearings in a research note on Monday, February 9th. Zacks Research lowered shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Morgan Stanley boosted their target price 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. Finally, KeyCorp boosted their target price 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. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, RBC Bearings currently has a consensus rating of "Moderate Buy" and an average target price of $584.00.

Insiders Place Their Bets

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 completion of the sale, the director owned 21,337 shares of the company's stock, 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 the SEC website. 1.90% of the stock is owned by insiders.

RBC Bearings Stock Performance

Shares of RBC opened at $591.56 on Monday. RBC Bearings Incorporated has a 1 year low of $363.05 and a 1 year high of $632.00. The company has a market cap of $18.72 billion, a price-to-earnings ratio of 65.08, a price-to-earnings-growth ratio of 3.41 and a beta of 1.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The firm has a fifty day moving average of $580.62 and a 200-day moving average of $528.44.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (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 company had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. During the same quarter in the previous year, the company posted $2.83 earnings per share. The company's revenue for the quarter was up 18.3% compared to the same quarter last year. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current year.

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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