Granahan Investment Management LLC Decreases Stake in RBC Bearings Incorporated $RBC

Granahan Investment Management LLC cut its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 21.1% during the first quarter, HoldingsChannel.com reports. The fund owned 38,493 shares of the industrial products company’s stock after selling 10,264 shares during the period. RBC Bearings accounts for about 1.0% of Granahan Investment Management LLC’s holdings, making the stock its 29th largest holding. Granahan Investment Management LLC’s holdings in RBC Bearings were worth $20,906,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Advisors Asset Management Inc. acquired a new stake in RBC Bearings in the 1st quarter valued at about $26,000. SBI Securities Co. Ltd. boosted its holdings in shares of RBC Bearings by 106.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 33 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 49 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of RBC Bearings in the fourth quarter valued at approximately $35,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of RBC Bearings by 123.3% in the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 53 shares during the last quarter.

Wall Street Analyst Weigh In

RBC has been the topic of a number of analyst reports. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 15th. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Truist Financial reiterated a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Finally, Morgan Stanley boosted their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

Insider Buying and Selling at RBC Bearings

In related news, Director Dolores J. Ennico sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director directly owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John J. Feeney sold 225 shares of the business’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the sale, the vice president owned 2,378 shares in the company, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,425 shares of company stock worth $885,400 over the last quarter. 1.90% of the stock is currently owned by company insiders.

RBC Bearings Stock Down 0.1%

RBC stock opened at $594.57 on Friday. The firm has a market cap of $18.81 billion, a PE ratio of 65.41, a PEG ratio of 3.39 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The firm’s 50 day moving average price is $597.34 and its 200-day moving average price is $567.29. RBC Bearings Incorporated has a one year low of $364.50 and a one year 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 analysts’ consensus estimates of $3.31 by $0.31. The firm had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.83 earnings per share. On average, equities research analysts anticipate that RBC Bearings Incorporated will post 13.66 EPS for the current year.

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.