Port Capital LLC Sells 5,483 Shares of RBC Bearings Incorporated (NYSE:RBC)

Port Capital LLC decreased its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 1.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 379,618 shares of the industrial products company's stock after selling 5,483 shares during the quarter. RBC Bearings makes up about 5.2% of Port Capital LLC's holdings, making the stock its 3rd biggest position. Port Capital LLC owned approximately 1.21% of RBC Bearings worth $113,559,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in shares of RBC Bearings by 0.6% during the 4th quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company's stock valued at $59,581,000 after purchasing an additional 1,103 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in RBC Bearings by 39.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company's stock worth $66,247,000 after purchasing an additional 62,706 shares during the period. Callan Family Office LLC raised its position in shares of RBC Bearings by 251.7% in the fourth quarter. Callan Family Office LLC now owns 2,416 shares of the industrial products company's stock valued at $723,000 after purchasing an additional 1,729 shares during the period. Advantage Alpha Capital Partners LP raised its holdings in RBC Bearings by 35.3% in the 4th quarter. Advantage Alpha Capital Partners LP now owns 18,514 shares of the industrial products company's stock worth $5,545,000 after acquiring an additional 4,835 shares during the period. Finally, Argent Capital Management LLC lifted its position in RBC Bearings by 33.0% during the 4th quarter. Argent Capital Management LLC now owns 4,521 shares of the industrial products company's stock worth $1,352,000 after acquiring an additional 1,123 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on RBC shares. KeyCorp boosted their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Morgan Stanley boosted their price objective on shares of RBC Bearings from $390.00 to $415.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Truist Financial reiterated a "buy" rating and issued a $405.00 target price (up previously from $375.00) on shares of RBC Bearings in a research note on Monday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings presently has an average rating of "Moderate Buy" and a consensus target price of $365.20.

RBC Bearings Price Performance

Shares of NYSE:RBC traded down $2.38 during midday trading on Tuesday, reaching $374.76. 51,048 shares of the company's stock were exchanged, compared to its average volume of 159,346. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. The company's 50 day simple moving average is $334.30 and its two-hundred day simple moving average is $331.11. RBC Bearings Incorporated has a 12 month low of $260.53 and a 12 month high of $383.01. The firm has a market capitalization of $11.77 billion, a PE ratio of 51.48, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, beating analysts' consensus estimates of $2.70 by $0.13. RBC Bearings had a return on equity of 10.06% and a net margin of 14.59%. The company had revenue of $437.70 million for the quarter, compared to the consensus estimate of $440.26 million. During the same period in the previous year, the business earned $2.47 earnings per share. The company's quarterly revenue was up 5.8% on a year-over-year basis. Equities research analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

RBC Bearings Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.