Wasatch Advisors LP Has $312.82 Million Holdings in RBC Bearings Incorporated $RBC

Key Points

• Wasatch Advisors LP cut its RBC Bearings stake by 42.6% in the first quarter, selling 427,371 shares and leaving it with 575,966 shares worth about $312.8 million. RBC Bearings remains its 9th-largest holding and about 2.1% of the portfolio.
• RBC Bearings beat earnings expectations for the quarter, reporting $3.62 EPS versus the $3.31 estimate and revenue of $518 million versus $505.9 million expected. Revenue rose 18.3% year over year, and analysts expect full-year EPS of 13.58.
• Despite the strong results, the stock was down 2.9% and insiders have recently sold shares, including director Edward Stewart and VP John J. Feeney. Analyst sentiment remains mixed, with six Buy ratings and two Hold ratings for an overall Moderate Buy view.

Wasatch Advisors LP lowered its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 42.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 575,966 shares of the industrial products company's stock after selling 427,371 shares during the quarter. RBC Bearings makes up approximately 2.1% of Wasatch Advisors LP's investment portfolio, making the stock its 9th largest position. Wasatch Advisors LP owned approximately 1.82% of RBC Bearings worth $312,819,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of RBC. State Street Corp grew its stake in RBC Bearings by 0.5% in the third quarter. State Street Corp now owns 919,259 shares of the industrial products company's stock valued at $358,778,000 after purchasing an additional 4,568 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of RBC Bearings by 51.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company's stock valued at $241,821,000 after buying an additional 211,093 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of RBC Bearings by 8.5% in the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company's stock valued at $277,776,000 after buying an additional 48,419 shares during the last quarter. Maren Capital LLC boosted its holdings in shares of RBC Bearings by 1.4% in the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company's stock valued at $201,934,000 after buying an additional 6,373 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of RBC Bearings by 6.2% in the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company's stock valued at $181,514,000 after buying an additional 23,616 shares in the last quarter.

RBC Bearings Stock Down 2.9%

RBC Bearings stock opened at $630.07 on Friday. The company's 50-day moving average price is $597.75 and its two-hundred day moving average price is $547.06. 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 stock has a market cap of $19.94 billion, a P/E ratio of 69.31, a P/E/G ratio of 3.75 and a beta of 1.42. RBC Bearings Incorporated has a twelve month low of $364.50 and a twelve month high of $667.69.

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

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the transaction, the director owned 21,337 shares in the company, valued at $12,649,213.71. This trade represents a 2.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John J. Feeney sold 225 shares of the business's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the sale, the vice president directly owned 2,378 shares of the company's stock, valued at approximately $1,564,581.32. The trade was a 8.64% 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 valued at $885,400 in the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RBC shares. Truist Financial reaffirmed a "buy" rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Zacks Research cut shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings lowered shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, June 17th. Finally, KeyCorp upped their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a report on Monday, March 2nd. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $584.00.

RBC Bearings 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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