Wasatch Advisors LP Sells 253,890 Shares of RBC Bearings Incorporated $RBC

Wasatch Advisors LP lessened its position in RBC Bearings Incorporated (NYSE:RBC) by 44.1% during the second quarter, Holdings Channel reports. The institutional investor owned 322,076 shares of the industrial products company’s stock after selling 253,890 shares during the quarter. RBC Bearings comprises approximately 1.4% of Wasatch Advisors LP’s portfolio, making the stock its 22nd largest holding. Wasatch Advisors LP’s holdings in RBC Bearings were worth $207,436,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Advisors Asset Management Inc. acquired a new position in RBC Bearings during the 1st quarter worth approximately $26,000. Western Wealth Management LLC bought a new position in shares of RBC Bearings during the 1st quarter worth approximately $27,000. SBI Securities Co. Ltd. raised its holdings in shares of RBC Bearings by 106.5% in the fourth 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 last quarter. Larson Financial Group LLC raised its holdings in shares of RBC Bearings by 148.5% in the third 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 last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of RBC Bearings by 123.3% in the second 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 in the last quarter.

Analyst Ratings Changes

A number of research firms recently weighed in on RBC. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Morgan Stanley boosted their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $686.00 price objective on shares of RBC Bearings in a research note on Tuesday, August 4th. Weiss Ratings cut RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 30th. Finally, Royal Bank Of Canada set a $645.00 target price on RBC Bearings in a research report on Monday, August 3rd. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $623.00.

RBC Bearings Trading Down 0.8%

RBC stock opened at $551.98 on Wednesday. RBC Bearings Incorporated has a one year low of $364.50 and a one year high of $667.69. The stock has a market cap of $17.48 billion, a price-to-earnings ratio of 54.54, a price-to-earnings-growth ratio of 3.01 and a beta of 1.40. The company has a fifty day moving average price of $596.34 and a two-hundred day moving average price of $574.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.53 and a quick ratio of 0.98.

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

Insider Activity at RBC Bearings

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the sale, the director owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,425 shares of company stock worth $885,400. Insiders own 1.80% of the company’s stock.

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.