Cresset Asset Management LLC Decreases Stake in RBC Bearings Incorporated $RBC

Cresset Asset Management LLC lessened its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 3.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,856 shares of the industrial products company’s stock after selling 1,193 shares during the quarter. Cresset Asset Management LLC owned about 0.12% of RBC Bearings worth $15,165,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of RBC. Artisan Partners Limited Partnership purchased a new position in shares of RBC Bearings in the second quarter valued at $157,190,000. Norges Bank bought a new position in RBC Bearings during the second quarter valued at $137,078,000. Frontier Capital Management Co. LLC purchased a new position in shares of RBC Bearings in the 2nd quarter worth $39,818,000. American Century Companies Inc. grew its stake in shares of RBC Bearings by 34.8% in the 3rd quarter. American Century Companies Inc. now owns 207,604 shares of the industrial products company’s stock worth $81,026,000 after buying an additional 53,622 shares in the last quarter. Finally, Greenhouse Funds LLLP increased its holdings in shares of RBC Bearings by 28.0% in the 2nd quarter. Greenhouse Funds LLLP now owns 227,434 shares of the industrial products company’s stock worth $87,517,000 after buying an additional 49,773 shares during the last quarter.

RBC Bearings Price Performance

RBC opened at $570.04 on Thursday. The business has a fifty day moving average of $515.07 and a 200 day moving average of $446.71. The stock has a market cap of $18.02 billion, a P/E ratio of 67.06, a PEG ratio of 3.20 and a beta of 1.47. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. RBC Bearings Incorporated has a 52-week low of $297.28 and a 52-week high of $589.16.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RBC. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of RBC Bearings in a report on Monday, December 22nd. Wall Street Zen raised RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. The Goldman Sachs Group reissued a “neutral” rating and set a $542.00 target price on shares of RBC Bearings in a research report on Monday, February 9th. Bank of America upgraded RBC Bearings from a “neutral” rating to a “buy” rating and increased their price target for the company from $390.00 to $500.00 in a report on Thursday, November 6th. Finally, Deutsche Bank Aktiengesellschaft set a $527.00 price objective on shares of RBC Bearings and gave the stock a “buy” rating in a research note on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average 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.