Granahan Investment Management LLC Has $21.86 Million Holdings in RBC Bearings Incorporated $RBC

Granahan Investment Management LLC raised its position in RBC Bearings Incorporated (NYSE:RBC) by 6.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 48,757 shares of the industrial products company’s stock after purchasing an additional 2,907 shares during the quarter. Granahan Investment Management LLC’s holdings in RBC Bearings were worth $21,864,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RBC. Advisors Asset Management Inc. acquired a new position in RBC Bearings in the first quarter valued at about $26,000. SBI Securities Co. Ltd. boosted its position in RBC Bearings by 106.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after buying an additional 33 shares in the last quarter. Larson Financial Group LLC boosted its position in RBC Bearings by 148.5% in the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after buying an additional 49 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in RBC Bearings in the fourth quarter valued at about $35,000. Finally, EverSource Wealth Advisors LLC boosted its position in RBC Bearings by 123.3% in the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after buying an additional 53 shares in the last quarter.

Insider Buying and Selling

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were 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 of the company’s stock, valued at approximately $12,649,213.71. This represents 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. Insiders own 1.90% of the company’s stock.

RBC Bearings Trading Up 0.6%

RBC opened at $620.72 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78. The company has a market cap of $19.64 billion, a price-to-earnings ratio of 68.29, a price-to-earnings-growth ratio of 3.57 and a beta of 1.42. The firm has a 50 day simple moving average of $588.95 and a 200 day simple moving average of $536.80. RBC Bearings Incorporated has a fifty-two week low of $363.05 and a fifty-two week high of $632.00.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. The business had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. RBC Bearings’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.83 earnings per share. On average, sell-side analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current year.

Wall Street Analyst Weigh In

RBC has been the subject of a number of research analyst reports. KeyCorp boosted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, May 19th. Truist Financial reaffirmed a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Company 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.