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

Wasatch Advisors LP grew its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 1,787,938 shares of the industrial products company’s stock after acquiring an additional 28,749 shares during the period. RBC Bearings makes up approximately 2.5% of Wasatch Advisors LP’s portfolio, making the stock its 4th largest holding. Wasatch Advisors LP owned approximately 0.06% of RBC Bearings worth $483,369,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in RBC. State of Michigan Retirement System grew its position in RBC Bearings by 1.4% during the 1st quarter. State of Michigan Retirement System now owns 7,100 shares of the industrial products company’s stock valued at $1,919,000 after purchasing an additional 100 shares during the last quarter. Oak Thistle LLC purchased a new stake in shares of RBC Bearings during the first quarter valued at approximately $231,000. Bridge City Capital LLC increased its position in shares of RBC Bearings by 0.8% during the first quarter. Bridge City Capital LLC now owns 15,505 shares of the industrial products company’s stock valued at $4,192,000 after acquiring an additional 117 shares in the last quarter. Douglas Lane & Associates LLC increased its position in shares of RBC Bearings by 308.9% during the first quarter. Douglas Lane & Associates LLC now owns 36,568 shares of the industrial products company’s stock valued at $9,886,000 after acquiring an additional 27,625 shares in the last quarter. Finally, Mountain Pacific Investment Advisers Inc. ID raised its holdings in RBC Bearings by 0.9% in the 1st quarter. Mountain Pacific Investment Advisers Inc. ID now owns 115,183 shares of the industrial products company’s stock worth $31,140,000 after acquiring an additional 995 shares during the last quarter.

Wall Street Analyst Weigh In

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

RBC Bearings Stock Performance

RBC Bearings stock traded up $2.77 during trading on Tuesday, reaching $270.75. The company had a trading volume of 125,598 shares, compared to its average volume of 142,206. The firm’s 50-day simple moving average is $273.36 and its 200 day simple moving average is $270.47. RBC Bearings Incorporated has a 52 week low of $203.65 and a 52 week high of $299.24. The company has a current ratio of 3.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $7.83 billion, a price-to-earnings ratio of 42.30, a price-to-earnings-growth ratio of 3.30 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, May 17th. The industrial products company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 9.81% and a net margin of 13.45%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.06 EPS. Sell-side analysts forecast that RBC Bearings Incorporated will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RBC Bearings news, Director Michael H. Ambrose sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total transaction of $167,496.00. Following the sale, the director now directly owns 6,728 shares of the company’s stock, valued at $1,878,188.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.90% of the company’s stock.

About RBC Bearings

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.