Sterling Capital Management LLC Lowers Holdings in RBC Bearings Incorporated $RBC

Sterling Capital Management LLC decreased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 44.1% in the first quarter, HoldingsChannel.com reports. The fund owned 2,452 shares of the industrial products company’s stock after selling 1,937 shares during the quarter. Sterling Capital Management LLC’s holdings in RBC Bearings were worth $1,332,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in RBC Bearings in the 4th quarter worth approximately $175,909,000. Northwestern Mutual Wealth Management Co. raised its position 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 valued at $83,295,000 after buying an additional 185,284 shares during the last quarter. Cartenna Capital LP bought a new stake in shares of RBC Bearings during the fourth quarter valued at approximately $76,233,000. Invesco Ltd. lifted its holdings in shares of RBC Bearings by 60.5% in 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 in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of RBC Bearings by 2,055.5% during the fourth quarter. AQR Capital Management LLC now owns 144,741 shares of the industrial products company’s stock worth $64,906,000 after acquiring an additional 138,026 shares during the last quarter.

Insider Activity 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 value of $355,698.00. Following the completion of the transaction, the director owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 1,425 shares of company stock valued at $885,400. Insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. KeyCorp lifted their price target on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Weiss Ratings downgraded shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Morgan Stanley lifted their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Finally, Wall Street Zen lowered RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average target price of $584.00.

RBC Bearings Trading Up 0.4%

Shares of RBC opened at $633.14 on Tuesday. The stock has a market capitalization of $20.03 billion, a PE ratio of 69.65, a P/E/G ratio of 3.64 and a beta of 1.42. The company’s fifty day moving average is $598.98 and its 200 day moving average is $549.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 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 during the quarter, compared to analyst estimates of $505.90 million. During the same quarter last year, the business earned $2.83 earnings per share. RBC Bearings’s quarterly revenue was up 18.3% compared to the same quarter last year. Sell-side analysts expect that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

RBC Bearings 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.