RBC Bearings Incorporated $RBC Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC trimmed its holdings in RBC Bearings Incorporated (NYSE:RBC) by 21.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 38,493 shares of the industrial products company’s stock after selling 10,264 shares during the quarter. RBC Bearings accounts for approximately 1.0% of Granahan Investment Management LLC’s investment portfolio, making the stock its 29th biggest holding. Granahan Investment Management LLC owned 0.12% of RBC Bearings worth $20,906,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted 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 stake in shares of RBC Bearings by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after buying an additional 48,419 shares during the last quarter. Maren Capital LLC grew its holdings in RBC Bearings by 1.4% during the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after acquiring an additional 6,373 shares during the period. First Trust Advisors LP grew its holdings in RBC Bearings by 27.5% during the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock worth $222,516,000 after acquiring an additional 88,468 shares during the period. Finally, Invesco Ltd. raised its position in RBC Bearings by 6.2% during the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock valued at $181,514,000 after acquiring an additional 23,616 shares in the last quarter.

RBC Bearings Stock Performance

NYSE:RBC opened at $594.57 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The stock has a market capitalization of $18.81 billion, a PE ratio of 65.41, a P/E/G ratio of 3.39 and a beta of 1.40. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The company has a fifty day moving average of $597.34 and a two-hundred day moving average of $567.29.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The business had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same quarter last year, the business earned $2.83 earnings per share. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. As a group, research analysts forecast that RBC Bearings Incorporated will post 13.66 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on RBC. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Truist Financial reiterated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note 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 Wednesday, July 15th. Finally, Morgan Stanley raised their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $584.00.

Insiders Place Their Bets

In other news, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director owned 21,337 shares in the company, valued at $12,649,213.71. This trade represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total value 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 represents a 8.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,425 shares of company stock worth $885,400. Corporate insiders own 1.90% of the company’s stock.

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.