RBC Bearings Incorporated $RBC Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lowered its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.0% during the fourth quarter, Holdings Channel reports. 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’s holdings in RBC Bearings were worth $77,961,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of RBC Bearings during the fourth quarter worth about $175,909,000. Artisan Partners Limited Partnership boosted its stake in shares of RBC Bearings by 51.7% during the third quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock worth $241,821,000 after buying an additional 211,093 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of RBC Bearings by 39,846.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock worth $83,295,000 after buying an additional 185,284 shares during the period. Invesco Ltd. boosted its stake in shares of RBC Bearings by 60.5% during the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock worth $148,763,000 after buying an additional 143,710 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of RBC Bearings by 36.4% during the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock worth $137,669,000 after buying an additional 94,203 shares during the period.

Insider Transactions at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the 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. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.90% of the stock is owned by corporate insiders.

RBC Bearings Trading Up 0.6%

NYSE RBC opened at $620.72 on Wednesday. The stock has a market capitalization of $19.64 billion, a P/E ratio of 68.29, a P/E/G 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. The firm has a 50-day moving average price of $588.95 and a 200 day moving average price of $536.80. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21.

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

Wall Street Analyst Weigh In

RBC has been the subject of several recent research reports. 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. Morgan Stanley increased their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating 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, Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and a consensus 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.