Envestnet Asset Management Inc. Trims Stake in RBC Bearings Incorporated (NYSE:RBC)

Envestnet Asset Management Inc. lessened its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 6.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,589 shares of the industrial products company’s stock after selling 9,881 shares during the period. Envestnet Asset Management Inc. owned about 0.47% of RBC Bearings worth $36,309,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Principal Securities Inc. purchased a new position in RBC Bearings during the 4th quarter valued at $30,000. Dimensional Fund Advisors LP lifted its position in shares of RBC Bearings by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 293,061 shares of the industrial products company’s stock worth $83,492,000 after purchasing an additional 21,766 shares during the last quarter. Brown Advisory Inc. purchased a new stake in shares of RBC Bearings during the fourth quarter valued at $217,000. Norges Bank bought a new position in shares of RBC Bearings in the fourth quarter worth about $83,318,000. Finally, PNC Financial Services Group Inc. increased its stake in RBC Bearings by 0.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company’s stock worth $1,646,000 after buying an additional 50 shares during the period.

Insiders Place Their Bets

In other news, Director Edward Stewart sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total value of $831,720.00. Following the sale, the director now directly owns 20,461 shares in the company, valued at approximately $5,672,607.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the transaction, the vice president now directly owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Edward Stewart sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the completion of the sale, the director now directly owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,327 shares of company stock worth $11,900,641. 2.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. William Blair started coverage on shares of RBC Bearings in a research note on Wednesday, May 29th. They issued an “outperform” rating on the stock. The Goldman Sachs Group boosted their price target on RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Raymond James started coverage on RBC Bearings in a report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Truist Financial lowered their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $287.67.

RBC Bearings Stock Performance

Shares of RBC stock opened at $295.08 on Friday. The firm has a market cap of $8.63 billion, a price-to-earnings ratio of 46.38, a PEG ratio of 3.49 and a beta of 1.51. RBC Bearings Incorporated has a 52-week low of $214.14 and a 52-week high of $309.01. The company has a quick ratio of 1.09, a current ratio of 3.01 and a debt-to-equity ratio of 0.40. The company’s 50 day moving average is $288.16 and its 200 day moving average is $275.77.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.33. The business had revenue of $406.30 million for the quarter, compared to the consensus estimate of $416.65 million. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The business’s revenue was up 5.0% compared to the same quarter last year. During the same period last year, the business posted $1.98 EPS. On average, sell-side analysts anticipate that RBC Bearings Incorporated will post 8.85 EPS for the current fiscal year.

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.