Wasatch Advisors LP Has $483.37 Million Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Wasatch Advisors LP lifted its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,787,938 shares of the industrial products company’s stock after purchasing an additional 28,749 shares during the period. RBC Bearings accounts for approximately 2.5% of Wasatch Advisors LP’s investment portfolio, making the stock its 4th biggest holding. Wasatch Advisors LP owned approximately 6.34% of RBC Bearings worth $483,369,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in RBC. 1832 Asset Management L.P. bought a new position in shares of RBC Bearings during the fourth quarter worth approximately $27,000. Principal Securities Inc. bought a new position in RBC Bearings during the 4th quarter worth $30,000. GAMMA Investing LLC acquired a new position in RBC Bearings in the 4th quarter valued at $66,000. Mather Group LLC. bought a new stake in shares of RBC Bearings during the 1st quarter valued at $133,000. Finally, Fifth Third Bancorp lifted 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 acquiring an additional 56 shares during the period.

RBC Bearings Price Performance

Shares of NYSE:RBC traded up $2.77 during trading on Tuesday, hitting $270.75. 125,598 shares of the company were exchanged, compared to its average volume of 142,206. RBC Bearings Incorporated has a 1-year low of $203.65 and a 1-year high of $299.24. The company has a market capitalization of $7.83 billion, a P/E ratio of 42.30, a price-to-earnings-growth ratio of 3.30 and a beta of 1.51. The company has a quick ratio of 1.16, a current ratio of 3.28 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average is $273.36 and its 200-day moving average is $270.47.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.22. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The business had revenue of $413.70 million during the quarter, compared to analysts’ expectations of $414.21 million. During the same quarter in the prior year, the firm earned $2.06 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities analysts forecast that RBC Bearings Incorporated will post 8.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RBC. Truist Financial upped their price objective on shares of RBC Bearings from $309.00 to $328.00 and gave the stock a “buy” rating in a research report on Tuesday, May 21st. Morgan Stanley upped their price target on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. The Goldman Sachs Group lifted their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. William Blair initiated coverage on RBC Bearings in a research note on Wednesday, May 29th. They set an “outperform” rating for the company. Finally, Raymond James began coverage on RBC Bearings in a research note on Friday. They issued a “market perform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus price target of $286.57.

Insider Activity at RBC Bearings

In related news, Director Michael H. Ambrose sold 600 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total value of $167,496.00. Following the sale, the director now owns 6,728 shares of the company’s stock, valued at $1,878,188.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.90% of the stock is owned by company insiders.

RBC Bearings Company 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.