GW&K Investment Management LLC Sells 29,907 Shares of RBC Bearings Incorporated $RBC

GW&K Investment Management LLC cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 7.6% during the 4th quarter, HoldingsChannel reports. The fund owned 364,336 shares of the industrial products company’s stock after selling 29,907 shares during the quarter. RBC Bearings accounts for approximately 1.4% of GW&K Investment Management LLC’s holdings, making the stock its 2nd largest position. GW&K Investment Management LLC’s holdings in RBC Bearings were worth $163,382,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Lido Advisors LLC grew its stake in shares of RBC Bearings by 3.5% in the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock valued at $278,000 after acquiring an additional 22 shares in the last quarter. Assetmark Inc. grew its stake in shares of RBC Bearings by 4.6% in the third quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock valued at $220,000 after acquiring an additional 25 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of RBC Bearings by 2.7% in the third quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock valued at $383,000 after acquiring an additional 26 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in RBC Bearings by 27.1% during the third quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 26 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its position in RBC Bearings by 0.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock worth $3,930,000 after purchasing an additional 27 shares during the period.

Wall Street Analysts Forecast Growth

RBC has been the subject of several recent analyst reports. KeyCorp upped their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, May 19th. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Truist Financial reaffirmed a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.

Insider Transactions at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.90% of the stock is currently owned by company insiders.

RBC Bearings Stock Up 0.3%

RBC stock opened at $592.52 on Wednesday. The stock has a market capitalization of $18.75 billion, a P/E ratio of 65.18, a price-to-earnings-growth ratio of 3.42 and a beta of 1.42. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 12 month low of $363.05 and a 12 month high of $632.00. The firm has a 50-day moving average price of $582.68 and a 200-day moving average price of $530.78.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data 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 business 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%. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter last year, the business earned $2.83 EPS. As a group, equities research analysts anticipate that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal 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.