Granahan Investment Management LLC Acquires 2,907 Shares of RBC Bearings Incorporated $RBC

Granahan Investment Management LLC increased its position in RBC Bearings Incorporated (NYSE:RBC) by 6.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,757 shares of the industrial products company’s stock after acquiring an additional 2,907 shares during the quarter. Granahan Investment Management LLC owned about 0.15% of RBC Bearings worth $21,864,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of RBC. Advisors Asset Management Inc. bought a new position in RBC Bearings in the 1st quarter worth $26,000. AQR Capital Management LLC raised its holdings in RBC Bearings by 27.8% in the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock worth $417,000 after acquiring an additional 282 shares during the period. Integrated Wealth Concepts LLC raised its holdings in RBC Bearings by 32.7% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock worth $395,000 after acquiring an additional 303 shares during the period. Jones Financial Companies Lllp raised its holdings in RBC Bearings by 64.1% in the 1st quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 434 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in RBC Bearings by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock worth $68,133,000 after acquiring an additional 4,253 shares during the period.

Analyst Ratings Changes

Several brokerages recently commented on RBC. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Wall Street Zen upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. KeyCorp lifted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Truist Financial reiterated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Finally, Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and an average price target of $584.00.

Insider Buying and Selling at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the sale, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.90% of the company’s stock.

RBC Bearings Price Performance

Shares of RBC Bearings stock opened at $620.72 on Wednesday. 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 simple moving average is $588.95 and its 200-day simple moving average is $536.80. RBC Bearings Incorporated has a twelve month low of $363.05 and a twelve month high of $632.00. The firm has a market cap of $19.64 billion, a P/E ratio of 68.29, a price-to-earnings-growth ratio of 3.57 and a beta of 1.42.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The business had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same period in the previous year, the business earned $2.83 EPS. The firm’s revenue was up 18.3% on a year-over-year basis. As a group, research analysts expect that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.

About RBC Bearings

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.