RBC Bearings Incorporated $RBC Stock Holdings Cut by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management cut its RBC Bearings stake by 9.2% in the fourth quarter, selling 86,701 shares and ending with 850,697 shares valued at about $381.5 million.
• RBC Bearings reported strong quarterly results, with EPS of $3.62 topping estimates of $3.31 and revenue of $518.0 million beating expectations, while revenue rose 18.3% year over year.
• Analyst sentiment remains mostly positive, with several firms raising price targets and the stock holding a consensus rating of “Moderate Buy,” even as some recent downgrades have emerged.

T. Rowe Price Investment Management Inc. cut its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 9.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 850,697 shares of the industrial products company's stock after selling 86,701 shares during the quarter. T. Rowe Price Investment Management Inc. owned 2.69% of RBC Bearings worth $381,479,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of RBC. Comerica Bank lifted its stake in RBC Bearings by 19.5% during the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company's stock valued at $40,486,000 after purchasing an additional 14,747 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in RBC Bearings by 263.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company's stock worth $1,788,000 after buying an additional 2,709 shares in the last quarter. Faithward Advisors LLC acquired a new position in RBC Bearings in the third quarter worth approximately $2,826,000. DNB Asset Management AS increased its holdings in shares of RBC Bearings by 91.6% in the third quarter. DNB Asset Management AS now owns 6,987 shares of the industrial products company's stock valued at $2,727,000 after buying an additional 3,340 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of RBC Bearings by 36.4% in 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 buying an additional 94,203 shares in the last quarter.

RBC Bearings Trading Up 2.2%

Shares of NYSE:RBC opened at $639.26 on Friday. The firm has a fifty day moving average of $592.13 and a two-hundred day moving average of $539.44. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 12-month low of $364.50 and a 12-month high of $640.02. The firm has a market capitalization of $20.23 billion, a P/E ratio of 70.33, a price-to-earnings-growth ratio of 3.62 and a beta of 1.42.

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

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, Director Edward Stewart sold 600 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The stock was 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by corporate insiders.

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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