Fred Alger Management LLC Cuts Position in RBC Bearings Incorporated $RBC

Fred Alger Management LLC lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 173,853 shares of the industrial products company’s stock after selling 1,747 shares during the quarter. Fred Alger Management LLC owned 0.55% of RBC Bearings worth $77,961,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. &PARTNERS increased its position in shares of RBC Bearings by 4.9% during the fourth quarter. &PARTNERS now owns 9,360 shares of the industrial products company’s stock worth $4,197,000 after acquiring an additional 438 shares during the period. Ashford Capital Management Inc. increased its position in shares of RBC Bearings by 157.8% during the fourth quarter. Ashford Capital Management Inc. now owns 4,382 shares of the industrial products company’s stock worth $1,965,000 after acquiring an additional 2,682 shares during the period. Blair William & Co. IL increased its position in shares of RBC Bearings by 4.4% during the fourth quarter. Blair William & Co. IL now owns 222,235 shares of the industrial products company’s stock worth $99,657,000 after acquiring an additional 9,331 shares during the period. Graham Capital Management L.P. purchased a new stake in shares of RBC Bearings during the fourth quarter worth $1,978,000. Finally, Rothschild Wealth LLC purchased a new stake in shares of RBC Bearings during the fourth quarter worth $227,000.

RBC Bearings Trading Up 0.6%

NYSE RBC opened at $620.72 on Wednesday. The firm’s fifty day moving average price is $588.95 and its 200 day moving average price is $536.80. RBC Bearings Incorporated has a 12 month low of $363.05 and a 12 month high of $632.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78. The company has a market capitalization of $19.64 billion, a price-to-earnings ratio of 68.29, a price-to-earnings-growth ratio of 3.57 and a beta of 1.42.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The firm had revenue of $518.00 million during the quarter, compared to analysts’ expectations of $505.90 million. During the same period in the previous year, the company earned $2.83 earnings per share. RBC Bearings’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, sell-side analysts expect that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Insider Activity at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the sale, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RBC shares. Morgan Stanley upped their price objective on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Truist Financial reiterated a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Wall Street Zen upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, KeyCorp boosted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, RBC Bearings has a consensus rating of “Moderate Buy” and an average target price of $584.00.

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.