RBC Bearings Incorporated $RBC Shares Sold by Artisan Partners Limited Partnership

Artisan Partners Limited Partnership cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 3.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 597,069 shares of the industrial products company’s stock after selling 22,523 shares during the period. Artisan Partners Limited Partnership’s holdings in RBC Bearings were worth $267,744,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp boosted its holdings in shares of RBC Bearings by 0.5% in the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after buying an additional 4,568 shares during the period. 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 period. 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 period. Norges Bank acquired a new position in shares of RBC Bearings in the 4th quarter valued at about $175,909,000. Finally, Invesco Ltd. boosted its holdings in shares of RBC Bearings by 60.5% in the 3rd quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock valued at $148,763,000 after buying an additional 143,710 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RBC. Truist Financial reaffirmed a “buy” rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Morgan Stanley lifted their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Finally, Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, RBC Bearings has an average rating of “Moderate Buy” and an average target price of $584.00.

Insider Transactions at RBC Bearings

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the transaction, the director directly owned 21,337 shares of the company’s stock, valued at $12,649,213.71. The trade was a 2.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.90% of the stock is owned by insiders.

RBC Bearings Trading Up 0.6%

RBC Bearings stock opened at $620.72 on Wednesday. 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 firm has a 50-day moving average price of $588.95 and a two-hundred day moving average price of $536.80. The firm has a market capitalization of $19.64 billion, a price-to-earnings ratio of 68.29, a PEG ratio of 3.57 and a beta of 1.42. RBC Bearings Incorporated has a 52-week low of $363.05 and a 52-week high of $632.00.

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

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.