Granahan Investment Management LLC Cuts Position in RBC Bearings Incorporated $RBC

Granahan Investment Management LLC reduced its position in RBC Bearings Incorporated (NYSE:RBC) by 26.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,850 shares of the industrial products company’s stock after selling 16,138 shares during the period. Granahan Investment Management LLC owned approximately 0.15% of RBC Bearings worth $17,895,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Advisors Asset Management Inc. purchased a new position in RBC Bearings in the first quarter valued at approximately $26,000. AQR Capital Management LLC grew its stake in RBC Bearings by 27.8% during the first quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock worth $417,000 after buying an additional 282 shares during the period. Integrated Wealth Concepts LLC grew its stake in RBC Bearings by 32.7% during the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock worth $395,000 after buying an additional 303 shares during the period. Jones Financial Companies Lllp increased its position in shares of RBC Bearings by 64.1% in the first quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 434 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of RBC Bearings by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock worth $68,133,000 after acquiring an additional 4,253 shares in the last quarter.

RBC Bearings Trading Down 1.9%

NYSE RBC opened at $536.64 on Monday. The company’s fifty day simple moving average is $529.21 and its 200-day simple moving average is $454.84. RBC Bearings Incorporated has a 52 week low of $297.28 and a 52 week high of $589.16. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22. The stock has a market cap of $16.97 billion, a P/E ratio of 63.13, a PEG ratio of 3.01 and a beta of 1.47.

RBC Bearings (NYSE:RBC) last announced its earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.21. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The business had revenue of $461.60 million during the quarter, compared to the consensus estimate of $460.69 million. During the same period in the prior year, the firm earned $2.34 earnings per share. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. Equities research analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on RBC. Truist Financial lifted their target price on shares of RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a report on Friday, February 6th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $542.00 price target on shares of RBC Bearings in a report on Monday, February 9th. Deutsche Bank Aktiengesellschaft set a $527.00 price objective on RBC Bearings and gave the company a “buy” rating in a research report on Wednesday, December 17th. Zacks Research upgraded RBC Bearings from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, KeyCorp upped their target price on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $574.67.

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.