Fred Alger Management LLC Trims Stake in RBC Bearings Incorporated (NYSE:RBC)

Fred Alger Management LLC cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 17.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 314,570 shares of the industrial products company's stock after selling 65,533 shares during the period. Fred Alger Management LLC owned about 1.08% of RBC Bearings worth $84,865,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in RBC. Principal Securities Inc. purchased a new stake in RBC Bearings during the 4th quarter valued at $30,000. Brown Advisory Inc. purchased a new stake in RBC Bearings during the 4th quarter valued at $217,000. PNC Financial Services Group Inc. grew its position in shares of RBC Bearings by 0.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company's stock valued at $1,646,000 after acquiring an additional 50 shares during the period. Corient Private Wealth LLC grew its position in shares of RBC Bearings by 2.3% during the 4th quarter. Corient Private Wealth LLC now owns 9,970 shares of the industrial products company's stock valued at $2,840,000 after acquiring an additional 225 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in shares of RBC Bearings during the 4th quarter valued at $2,708,000.

RBC Bearings Price Performance

RBC Bearings stock traded down $5.99 during mid-day trading on Wednesday, hitting $296.80. The stock had a trading volume of 96,863 shares, compared to its average volume of 141,325. The firm has a market capitalization of $8.68 billion, a P/E ratio of 46.86, a P/E/G ratio of 3.59 and a beta of 1.51. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. The firm's 50 day moving average is $288.20 and its 200 day moving average is $276.55. RBC Bearings Incorporated has a one year low of $214.14 and a one year high of $309.01.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.21 by $0.33. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The business had revenue of $406.30 million during the quarter, compared to the consensus estimate of $416.65 million. During the same quarter in the prior year, the firm earned $1.98 EPS. The business's revenue was up 5.0% on a year-over-year basis. On average, sell-side analysts forecast that RBC Bearings Incorporated will post 8.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RBC shares. The Goldman Sachs Group boosted their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the company a "neutral" rating in a research report on Tuesday, May 28th. Truist Financial cut their price objective on shares of RBC Bearings from $328.00 to $315.00 and set a "buy" rating for the company in a research report on Wednesday, July 17th. Raymond James started coverage on shares of RBC Bearings in a research report on Friday, June 28th. They set a "market perform" rating for the company. Finally, William Blair assumed coverage on shares of RBC Bearings in a research report on Wednesday, May 29th. They set an "outperform" rating for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $287.67.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the transaction, the vice president now owns 12,539 shares of the company's stock, valued at approximately $3,669,789.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Richard J. Edwards sold 4,200 shares of the company's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the sale, the vice president now directly owns 12,539 shares in the company, valued at approximately $3,669,789.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Edward Stewart sold 3,000 shares of the company's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the sale, the director now owns 20,461 shares in the company, valued at $5,672,607.64. The disclosure for this sale can be found here. Insiders sold 41,327 shares of company stock valued at $11,900,641 in the last 90 days. Insiders own 2.90% of the company's stock.

RBC Bearings 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.