RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC reduced its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 15.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 264,791 shares of the industrial products company’s stock after selling 49,779 shares during the quarter. Fred Alger Management LLC owned about 0.84% of RBC Bearings worth $79,273,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. UMB Bank n.a. lifted its holdings in shares of RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares during the period. DT Investment Partners LLC acquired a new stake in shares of RBC Bearings during the second quarter worth $35,000. Opal Wealth Advisors LLC purchased a new stake in shares of RBC Bearings during the second quarter valued at $41,000. Canada Pension Plan Investment Board acquired a new position in shares of RBC Bearings in the 2nd quarter valued at $54,000. Finally, Strategic Financial Concepts LLC purchased a new position in RBC Bearings in the 2nd quarter worth about $68,000.

Analysts Set New Price Targets

Several research firms have recently weighed in on RBC. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research report on Tuesday. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price for the company in a report on Friday, November 22nd. Truist Financial lifted their price target on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $324.67.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 11,341 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $287.52, for a total value of $3,260,764.32. Following the completion of the sale, the chief executive officer now directly owns 320,053 shares of the company’s stock, valued at $92,021,638.56. The trade was a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 34,127 shares of company stock valued at $9,839,707. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings Trading Down 0.1 %

NYSE RBC opened at $339.66 on Friday. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. RBC Bearings Incorporated has a 1-year low of $240.36 and a 1-year high of $343.66. The firm’s fifty day simple moving average is $301.50 and its 200-day simple moving average is $290.28. The company has a market capitalization of $10.67 billion, a PE ratio of 49.59, a price-to-earnings-growth ratio of 4.67 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). The firm had revenue of $397.90 million during the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.07 earnings per share. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

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.