Fred Alger Management LLC Sells 49,779 Shares of RBC Bearings Incorporated (NYSE:RBC)

Fred Alger Management LLC lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 15.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 264,791 shares of the industrial products company's stock after selling 49,779 shares during the quarter. Fred Alger Management LLC owned 0.84% of RBC Bearings worth $79,273,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. CWM LLC raised its holdings in shares of RBC Bearings by 41.3% in the second quarter. CWM LLC now owns 10,436 shares of the industrial products company's stock valued at $2,815,000 after purchasing an additional 3,051 shares during the last quarter. TimesSquare Capital Management LLC lifted its position in shares of RBC Bearings by 17.3% during the 3rd quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company's stock worth $27,125,000 after buying an additional 13,395 shares in the last quarter. Segall Bryant & Hamill LLC boosted its stake in shares of RBC Bearings by 41.6% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company's stock worth $8,896,000 after buying an additional 8,725 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of RBC Bearings in the second quarter valued at approximately $2,380,000. Finally, Geneva Capital Management LLC increased its position in shares of RBC Bearings by 1.4% during the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company's stock valued at $176,829,000 after acquiring an additional 8,012 shares during the last quarter.

RBC Bearings Stock Performance

Shares of RBC Bearings stock traded down $4.55 during trading hours on Friday, reaching $335.11. The company had a trading volume of 99,585 shares, compared to its average volume of 144,095. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. RBC Bearings Incorporated has a one year low of $240.36 and a one year high of $343.92. The firm has a market cap of $10.53 billion, a PE ratio of 48.92, a price-to-earnings-growth ratio of 4.67 and a beta of 1.51. The business has a fifty day simple moving average of $302.31 and a 200 day simple moving average of $290.74.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing analysts' consensus estimates of $2.30 by ($0.01). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company had revenue of $397.90 million for the quarter, compared to analysts' expectations of $403.89 million. During the same period in the previous year, the firm earned $2.07 EPS. The firm's quarterly revenue was up 3.2% compared to the same quarter last year. On average, analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RBC. William Blair reaffirmed an "outperform" rating on shares of RBC Bearings in a research report on Tuesday. Truist Financial lifted their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. KeyCorp upgraded shares of RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 price target for the company in a research note on Friday, November 22nd. Finally, Bank of America downgraded RBC Bearings from a "buy" rating to a "neutral" rating and upped their price objective for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $324.67.

Insider Buying and Selling

In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of the firm's stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the sale, the chief executive officer now owns 322,588 shares of the company's stock, valued at $93,227,932. This trade represents a 0.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 34,127 shares of company stock valued at $9,839,707. Company insiders own 2.60% of the company's stock.

About RBC Bearings

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.