Segall Bryant & Hamill LLC Cuts Holdings in RBC Bearings Incorporated $RBC

Key Points

• Segall Bryant & Hamill reduced its RBC Bearings stake by 3.5% in the first quarter, selling 3,561 shares and retaining 97,826 shares worth approximately $53.1 million. Other institutions mostly increased their positions.
• Analysts remain broadly positive, with six Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $584. Truist and Morgan Stanley recently raised their targets to $615 and $640, respectively.
• RBC Bearings reported quarterly earnings of $3.88 per share, beating estimates of $3.42, while revenue rose 19.2% year over year to $519.5 million. The stock opened at $552.76, down 1.6%, and insiders have sold $885,400 worth of shares over the past 90 days.

Segall Bryant & Hamill LLC lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 3.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 97,826 shares of the industrial products company's stock after selling 3,561 shares during the quarter. RBC Bearings accounts for 0.7% of Segall Bryant & Hamill LLC's investment portfolio, making the stock its 16th biggest position. Segall Bryant & Hamill LLC owned 0.31% of RBC Bearings worth $53,131,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the stock. Ritholtz Wealth Management increased its stake in RBC Bearings by 2.9% in the first quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company's stock valued at $323,000 after acquiring an additional 17 shares during the last quarter. Assetmark Inc. raised its position in RBC Bearings by 3.5% during the first quarter. Assetmark Inc. now owns 557 shares of the industrial products company's stock valued at $303,000 after purchasing an additional 19 shares in the last quarter. Lido Advisors LLC lifted its stake in RBC Bearings by 3.5% during the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company's stock worth $278,000 after purchasing an additional 22 shares during the last quarter. UMB Bank n.a. lifted its stake in RBC Bearings by 7.1% during the fourth quarter. UMB Bank n.a. now owns 348 shares of the industrial products company's stock worth $156,000 after purchasing an additional 23 shares during the last quarter. Finally, Millstone Evans Group LLC boosted its holdings in shares of RBC Bearings by 45.3% in the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company's stock worth $42,000 after purchasing an additional 24 shares in the last quarter.

Analysts Set New Price Targets

Several brokerages have recently commented on RBC. Truist Financial reiterated a "buy" rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Zacks Research downgraded RBC Bearings from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 3rd. Morgan Stanley upped their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 19th. Weiss Ratings cut shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday. Finally, Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, RBC Bearings presently has a consensus rating of "Moderate Buy" and a consensus target price of $584.00.

RBC Bearings Stock Down 1.6%

Shares of NYSE:RBC opened at $552.76 on Friday. The stock's 50-day moving average price is $597.68 and its 200-day moving average price is $570.46. RBC Bearings Incorporated has a 12-month low of $364.50 and a 12-month high of $667.69. The stock has a market capitalization of $17.50 billion, a P/E ratio of 60.81, a price-to-earnings-growth ratio of 3.20 and a beta of 1.40. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, topping the consensus estimate of $3.42 by $0.46. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm had revenue of $519.50 million for the quarter, compared to the consensus estimate of $508.92 million. During the same quarter in the previous year, the business earned $2.84 earnings per share. The company's quarterly revenue was up 19.2% on a year-over-year basis. On average, equities analysts anticipate that RBC Bearings Incorporated will post 13.66 earnings per share for the current year.

Insider Buying and Selling

In other RBC Bearings news, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total value of $148,036.50. Following the transaction, the vice president directly owned 2,378 shares of the company's stock, valued at $1,564,581.32. The trade was a 8.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Edward Stewart sold 600 shares of the business's stock in a transaction that occurred on 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. The trade was a 2.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,425 shares of company stock worth $885,400 in the last ninety days. 1.90% of the stock is owned by insiders.

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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