Wasatch Advisors LP Has $207.44 Million Stake in RBC Bearings Incorporated $RBC

Wasatch Advisors LP trimmed its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 44.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 322,076 shares of the industrial products company’s stock after selling 253,890 shares during the period. RBC Bearings accounts for about 1.4% of Wasatch Advisors LP’s investment portfolio, making the stock its 22nd biggest holding. Wasatch Advisors LP owned approximately 1.02% of RBC Bearings worth $207,436,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Advisors Asset Management Inc. acquired a new stake in RBC Bearings during the 1st quarter worth $26,000. Western Wealth Management LLC bought a new stake in shares of RBC Bearings during the 1st quarter valued at $27,000. SBI Securities Co. Ltd. lifted its stake in shares of RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 33 shares during the period. Larson Financial Group LLC lifted its stake 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 purchasing an additional 49 shares during the period. Finally, EverSource Wealth Advisors LLC boosted 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 worth $37,000 after purchasing an additional 53 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages recently commented on RBC. Raymond James Financial raised RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price objective for the company in a research note on Monday, August 3rd. Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 30th. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Truist Financial upped their price target on RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $623.00.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $551.98 on Wednesday. The stock’s fifty day simple moving average is $596.34 and its 200 day simple moving average is $574.40. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $17.48 billion, a PE ratio of 54.54, a PEG ratio of 3.01 and a beta of 1.40. RBC Bearings Incorporated has a 12 month low of $364.50 and a 12 month high of $667.69.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.42 by $0.46. The firm had revenue of $519.50 million during the quarter, compared to analysts’ expectations of $508.92 million. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The company’s revenue was up 19.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.84 earnings per share. On average, research analysts predict that RBC Bearings Incorporated will post 14.12 EPS for the current year.

Insider Activity at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John J. Feeney sold 225 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the sale, the vice president owned 2,378 shares in the company, valued at $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,425 shares of company stock worth $885,400. 1.80% of the stock is owned by company 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.