RBC Bearings Incorporated $RBC Stake Trimmed by EULAV Asset Management

Key Points

• EULAV Asset Management reduced its RBC Bearings stake by 2.8% in the third quarter, selling 3,750 shares and retaining 132,550 shares valued at approximately $66.2 million.
• Analysts maintain a generally positive outlook, with RBC Bearings holding a “Moderate Buy” consensus rating and an average price target of $615.44, despite some recent rating downgrades.
• RBC Bearings reported stronger-than-expected quarterly results, with EPS of $3.88 and revenue of $519.5 million, representing 19.2% year-over-year revenue growth. Shares opened at $470.84, below their 50-day and 200-day moving averages.

EULAV Asset Management lessened its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 2.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 132,550 shares of the industrial products company's stock after selling 3,750 shares during the quarter. RBC Bearings accounts for approximately 2.4% of EULAV Asset Management's investment portfolio, making the stock its 6th biggest position. EULAV Asset Management owned about 0.42% of RBC Bearings worth $66,173,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of RBC. Signaturefd LLC raised its holdings in shares of RBC Bearings by 20.0% during the 3rd quarter. Signaturefd LLC now owns 198 shares of the industrial products company's stock worth $99,000 after buying an additional 33 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its position in shares of RBC Bearings by 6.1% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 1,435 shares of the industrial products company's stock worth $716,000 after buying an additional 82 shares during the last quarter. NBT Bank N.A. acquired a new stake in RBC Bearings in the third quarter valued at about $655,000. LifeWealth Investments LLC boosted its stake in RBC Bearings by 5.1% in the third quarter. LifeWealth Investments LLC now owns 748 shares of the industrial products company's stock valued at $373,000 after buying an additional 36 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its position in RBC Bearings by 4.6% in the third quarter. Quadrant Capital Group LLC now owns 2,408 shares of the industrial products company's stock valued at $1,228,000 after acquiring an additional 106 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Weiss Ratings cut RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 27th. Wall Street Zen cut shares of RBC Bearings from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Royal Bank Of Canada set a $600.00 target price on shares of RBC Bearings in a report on Monday, September 14th. Raymond James Financial upgraded shares of RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 price target on the stock in a research note on Monday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $686.00 price target on shares of RBC Bearings in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, RBC Bearings presently has an average rating of "Moderate Buy" and an average target price of $615.44.

RBC Bearings Stock Down 0.2%

Shares of NYSE:RBC opened at $470.84 on Monday. The company has a fifty day moving average of $500.26 and a 200-day moving average of $559.24. The company has a market capitalization of $14.91 billion, a PE ratio of 46.53, a price-to-earnings-growth ratio of 2.54 and a beta of 1.38. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. RBC Bearings Incorporated has a 52-week low of $401.90 and a 52-week high of $667.69.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, beating analysts' consensus estimates of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%. The company had revenue of $519.50 million during the quarter, compared to analysts' expectations of $508.92 million. During the same period in the prior year, the company earned $2.84 EPS. RBC Bearings's revenue was up 19.2% compared to the same quarter last year. On average, equities analysts predict that RBC Bearings Incorporated will post 14.03 EPS for the current fiscal year.

About RBC Bearings

RBC Bearings Incorporated is a manufacturer of highly engineered bearing and motion-control products. Founded in 1919 and headquartered in Oxford, Connecticut, the company serves original equipment manufacturers and aftermarket customers that require components designed for demanding operating environments.

Its product portfolio includes plain bearings, roller bearings, ball bearings, rod ends, spherical bearings, thrust bearings, and related precision components. These products are used in applications involving load support, friction reduction, positioning, and motion control across aerospace and defense, industrial equipment, construction, transportation, energy, and other specialized markets.

RBC Bearings sells its products through a combination of direct sales, distributors, and customer-specific manufacturing programs.

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