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

Granahan Investment Management LLC decreased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 26.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 45,850 shares of the industrial products company’s stock after selling 16,138 shares during the quarter. Granahan Investment Management LLC’s holdings in RBC Bearings were 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. Artisan Partners Limited Partnership acquired a new stake in RBC Bearings during the 2nd quarter valued at approximately $157,190,000. Norges Bank acquired a new position in shares of RBC Bearings in the 2nd quarter valued at approximately $137,078,000. Invesco Ltd. boosted its stake in shares of RBC Bearings by 60.5% during the 3rd quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock valued at $148,763,000 after buying an additional 143,710 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new position in shares of RBC Bearings during the 2nd quarter valued at approximately $39,818,000. Finally, First Trust Advisors LP grew its position in shares of RBC Bearings by 36.4% during the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock worth $137,669,000 after buying an additional 94,203 shares in the last quarter.

RBC Bearings Stock Performance

RBC stock opened at $536.64 on Monday. 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 firm has a market cap of $16.97 billion, a P/E ratio of 63.13, a P/E/G ratio of 3.01 and a beta of 1.47. RBC Bearings Incorporated has a 12-month low of $297.28 and a 12-month high of $589.16. The stock’s 50 day simple moving average is $529.21 and its 200 day simple moving average is $454.84.

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RBC. Truist Financial lifted their price target on shares of RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. The Goldman Sachs Group reiterated a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a research note on Monday, February 9th. Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Morgan Stanley reissued an “overweight” rating and issued a $600.00 target price on shares of RBC Bearings in a research report on Friday, February 6th. Finally, Deutsche Bank Aktiengesellschaft set a $527.00 target price on shares of RBC Bearings and gave the company a “buy” rating in a research note on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, RBC Bearings presently has an average rating of “Buy” and a consensus price target of $574.67.

RBC Bearings 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.