RBC Bearings Incorporated $RBC Holdings Reduced by Conestoga Capital Advisors LLC

Conestoga Capital Advisors LLC trimmed its holdings in RBC Bearings Incorporated (NYSE:RBC) by 26.5% in the 1st quarter, HoldingsChannel reports. The firm owned 429,309 shares of the industrial products company’s stock after selling 155,101 shares during the quarter. RBC Bearings makes up approximately 4.7% of Conestoga Capital Advisors LLC’s portfolio, making the stock its largest holding. Conestoga Capital Advisors LLC’s holdings in RBC Bearings were worth $233,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Advisors Asset Management Inc. purchased a new position in shares of RBC Bearings in the first quarter worth $26,000. SBI Securities Co. Ltd. grew its stake in RBC Bearings by 106.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 33 shares in the last quarter. Larson Financial Group LLC increased its holdings in RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 49 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in RBC Bearings in the 4th quarter worth $35,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of RBC Bearings by 123.3% during the 2nd 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.

Insider Activity

In related news, Director Edward Stewart sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the sale, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dolores J. Ennico sold 600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares in the company, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,425 shares of company stock valued at $885,400. Corporate insiders own 1.90% of the company’s stock.

RBC Bearings Stock Down 3.6%

Shares of NYSE:RBC opened at $621.19 on Thursday. The firm has a market capitalization of $19.65 billion, a PE ratio of 68.34, a price-to-earnings-growth ratio of 3.72 and a beta of 1.40. The business has a 50 day simple moving average of $600.54 and a two-hundred day simple moving average of $551.70. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping 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 company had revenue of $518.00 million for the quarter, compared to the consensus estimate of $505.90 million. During the same quarter last year, the firm posted $2.83 EPS. The firm’s revenue was up 18.3% compared to the same quarter last year. On average, equities analysts predict that RBC Bearings Incorporated will post 13.58 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. 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. Morgan Stanley boosted their target price on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Weiss Ratings downgraded RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Finally, Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $584.00.

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.