Stephens Investment Management Group LLC Trims Stake in RBC Bearings Incorporated $RBC

Key Points

• Stephens Investment Management Group trimmed its RBC Bearings stake by 2.7% in the first quarter, selling 7,269 shares and leaving it with 265,038 shares valued at about $143.9 million. RBC Bearings remains a major holding for the firm, making up roughly 2.0% of its portfolio.
• RBC Bearings reported a strong quarter, posting EPS of $3.62 versus analyst expectations of $3.31 and revenue of $518 million versus estimates of $505.9 million. Revenue rose 18.3% year over year, and the company maintained solid profitability with a 15.37% net margin.
• Recent analyst sentiment remains generally positive, with six Buy ratings and two Hold ratings, though some firms have downgraded the stock. The consensus rating is Moderate Buy with a $584 average price target, while shares recently traded around $603.70.

Stephens Investment Management Group LLC cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 265,038 shares of the industrial products company's stock after selling 7,269 shares during the period. RBC Bearings makes up approximately 2.0% of Stephens Investment Management Group LLC's investment portfolio, making the stock its 2nd largest holding. Stephens Investment Management Group LLC owned about 0.84% of RBC Bearings worth $143,947,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. SBI Securities Co. Ltd. boosted its holdings in RBC Bearings by 106.5% during 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. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of RBC Bearings in the 4th quarter valued at about $35,000. Advisors Asset Management Inc. bought a new stake in shares of RBC Bearings in the 1st quarter valued at about $26,000. Larson Financial Group LLC raised its position in shares of RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 49 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of RBC Bearings by 123.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company's stock valued at $37,000 after acquiring an additional 53 shares during the period.

RBC Bearings Stock Down 0.1%

RBC Bearings stock opened at $603.70 on Friday. The stock has a market capitalization of $19.10 billion, a PE ratio of 66.41, a price-to-earnings-growth ratio of 3.49 and a beta of 1.40. RBC Bearings Incorporated has a twelve month low of $364.50 and a twelve month high of $667.69. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The company has a 50 day moving average of $601.09 and a 200-day moving average of $553.07.

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

Insider Buying and Selling at RBC Bearings

In related news, VP John J. Feeney sold 225 shares of the stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the transaction, the vice president directly owned 2,378 shares in the company, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Edward Stewart sold 600 shares of RBC Bearings 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 directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,425 shares of company stock valued at $885,400 in the last 90 days. 1.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RBC has been the subject of several research analyst reports. Truist Financial reissued a "buy" rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Wall Street Zen downgraded RBC Bearings from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. Weiss Ratings cut RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, June 17th. Zacks Research downgraded RBC Bearings from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Finally, Morgan Stanley raised their price target on RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a research 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.