Rockefeller Capital Management L.P. Acquires 3,226 Shares of RBC Bearings Incorporated $RBC

Rockefeller Capital Management L.P. boosted its holdings in RBC Bearings Incorporated (NYSE:RBC) by 7.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,359 shares of the industrial products company’s stock after buying an additional 3,226 shares during the period. Rockefeller Capital Management L.P. owned approximately 0.15% of RBC Bearings worth $21,686,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of RBC. Norges Bank purchased a new position in RBC Bearings during the fourth quarter valued at approximately $175,909,000. Artisan Partners Limited Partnership lifted its stake in RBC Bearings by 51.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock worth $241,821,000 after purchasing an additional 211,093 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in RBC Bearings by 39,846.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock valued at $83,295,000 after purchasing an additional 185,284 shares during the period. Cartenna Capital LP purchased a new position in shares of RBC Bearings during the 4th quarter valued at $76,233,000. Finally, Invesco Ltd. grew its position in shares of RBC Bearings by 60.5% during the 3rd quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock valued at $148,763,000 after purchasing an additional 143,710 shares in the last quarter.

Insider Activity

In related news, Director Edward Stewart sold 600 shares of the firm’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 transaction of $355,698.00. Following the completion of the sale, the director owned 21,337 shares of the company’s stock, valued at $12,649,213.71. This trade represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is currently owned by corporate insiders.

RBC Bearings Price Performance

RBC opened at $645.24 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $646.17. The stock has a market capitalization of $20.42 billion, a PE ratio of 70.98, a price-to-earnings-growth ratio of 3.69 and a beta of 1.42. The stock’s 50 day moving average price is $594.29 and its 200-day moving average price is $542.27.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Weiss Ratings lowered shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. KeyCorp increased their target price on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Truist Financial restated a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Finally, Zacks Research lowered 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $584.00.

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.