Clearbridge Investments LLC Trims Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Clearbridge Investments LLC decreased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 12.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 805,944 shares of the industrial products company’s stock after selling 114,779 shares during the quarter. Clearbridge Investments LLC’s holdings in RBC Bearings were worth $217,887,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its position in shares of RBC Bearings by 0.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company’s stock valued at $1,646,000 after buying an additional 50 shares in the last quarter. Fifth Third Bancorp raised its position in shares of RBC Bearings by 13.2% during the 4th quarter. Fifth Third Bancorp now owns 479 shares of the industrial products company’s stock valued at $136,000 after purchasing an additional 56 shares during the period. Bleakley Financial Group LLC lifted its stake in shares of RBC Bearings by 2.1% during the 4th quarter. Bleakley Financial Group LLC now owns 3,197 shares of the industrial products company’s stock valued at $911,000 after buying an additional 66 shares in the last quarter. Torray Investment Partners LLC increased its stake in RBC Bearings by 0.9% in the 4th quarter. Torray Investment Partners LLC now owns 7,446 shares of the industrial products company’s stock worth $2,121,000 after buying an additional 69 shares in the last quarter. Finally, 1832 Asset Management L.P. bought a new stake in RBC Bearings during the fourth quarter valued at about $27,000.

RBC Bearings Price Performance

RBC traded down $0.82 during trading hours on Tuesday, hitting $291.61. The company’s stock had a trading volume of 94,049 shares, compared to its average volume of 144,984. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of 45.56, a P/E/G ratio of 3.53 and a beta of 1.51. The business’s 50-day moving average price is $282.62 and its 200-day moving average price is $271.30. The company has a current ratio of 3.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.43. RBC Bearings Incorporated has a 12 month low of $203.65 and a 12 month high of $309.01.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.22. The firm had revenue of $413.70 million for the quarter, compared to analysts’ expectations of $414.21 million. RBC Bearings had a net margin of 13.45% and a return on equity of 9.81%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.06 EPS. Sell-side analysts expect that RBC Bearings Incorporated will post 8.76 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Michael H. Ambrose sold 600 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total value of $167,496.00. Following the completion of the sale, the director now directly owns 6,728 shares in the company, valued at $1,878,188.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on RBC shares. Morgan Stanley upped their price objective on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Raymond James started coverage on RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating for the company. William Blair initiated coverage on shares of RBC Bearings in a research report on Wednesday, May 29th. They set an “outperform” rating on the stock. Truist Financial dropped their target price on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group lifted their price target on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $284.71.

RBC Bearings Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.