Clearbridge Investments LLC Sells 114,779 Shares of RBC Bearings Incorporated (NYSE:RBC)

Clearbridge Investments LLC decreased its position in RBC Bearings Incorporated (NYSE:RBC) by 12.5% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 805,944 shares of the industrial products company’s stock after selling 114,779 shares during the period. Clearbridge Investments LLC owned about 2.86% of RBC Bearings worth $217,887,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. 1832 Asset Management L.P. bought a new stake in RBC Bearings during the fourth quarter worth about $27,000. Principal Securities Inc. acquired a new stake in shares of RBC Bearings in the 4th quarter valued at approximately $30,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of RBC Bearings by 570.8% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock valued at $44,000 after buying an additional 137 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of RBC Bearings in the 4th quarter valued at about $66,000. Finally, YHB Investment Advisors Inc. acquired a new position in RBC Bearings during the first quarter worth approximately $93,000.

RBC Bearings Trading Down 0.3 %

RBC traded down $0.82 during trading on Tuesday, reaching $291.61. 94,049 shares of the stock traded hands, compared to its average volume of 144,984. The company has a quick ratio of 1.16, a current ratio of 3.28 and a debt-to-equity ratio of 0.43. The stock’s 50-day moving average is $282.62 and its 200 day moving average is $271.30. RBC Bearings Incorporated has a 12 month low of $203.65 and a 12 month high of $309.01. The stock has a market capitalization of $8.43 billion, a PE ratio of 45.56, a P/E/G ratio of 3.53 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.22. The firm had revenue of $413.70 million for the quarter, compared to analyst estimates of $414.21 million. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.06 earnings per share. Equities analysts anticipate that RBC Bearings Incorporated will post 8.76 earnings per share for the current year.

Insider Activity at RBC Bearings

In other news, Director Michael H. Ambrose sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total transaction of $167,496.00. Following the transaction, the director now directly owns 6,728 shares of the company’s stock, valued at $1,878,188.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on RBC shares. Truist Financial dropped 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. The Goldman Sachs Group lifted their target price on RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Morgan Stanley lifted their price target on shares of RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Raymond James assumed coverage on shares of RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Finally, William Blair began coverage on shares of RBC Bearings in a research note on Wednesday, May 29th. They set an “outperform” rating on the stock. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $284.71.

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.