Envestnet Portfolio Solutions Inc. Sells 1,749 Shares of RBC Bearings Incorporated $RBC

Envestnet Portfolio Solutions Inc. cut its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 43.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,249 shares of the industrial products company’s stock after selling 1,749 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in RBC Bearings were worth $878,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RBC. Advisors Asset Management Inc. purchased a new stake in shares of RBC Bearings in the 1st quarter worth about $26,000. AQR Capital Management LLC boosted its stake in RBC Bearings by 27.8% during the first quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock worth $417,000 after acquiring an additional 282 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in RBC Bearings by 32.7% in the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock worth $395,000 after purchasing an additional 303 shares during the period. Jones Financial Companies Lllp increased its stake in shares of RBC Bearings by 64.1% during the first quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock valued at $357,000 after purchasing an additional 434 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of RBC Bearings by 2.0% during the first quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock valued at $68,133,000 after purchasing an additional 4,253 shares during the last quarter.

Insider Activity at RBC Bearings

In related news, Director Steven H. Kaplan sold 700 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $443.00, for a total transaction of $310,100.00. Following the completion of the sale, the director owned 1,999 shares in the company, valued at approximately $885,557. This represents a 25.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is owned by insiders.

RBC Bearings Price Performance

RBC opened at $509.59 on Thursday. The company’s 50-day simple moving average is $463.92 and its two-hundred day simple moving average is $419.77. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.13 and a current ratio of 3.18. The stock has a market capitalization of $16.11 billion, a P/E ratio of 62.22, a P/E/G ratio of 3.36 and a beta of 1.53. RBC Bearings Incorporated has a 52-week low of $297.28 and a 52-week high of $512.82.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, October 31st. The industrial products company reported $2.88 earnings per share for the quarter, beating the consensus estimate of $2.73 by $0.15. RBC Bearings had a net margin of 15.03% and a return on equity of 10.47%. The firm had revenue of $455.30 million during the quarter, compared to analysts’ expectations of $450.27 million. During the same period in the previous year, the company earned $2.29 earnings per share. The firm’s quarterly revenue was up 14.4% on a year-over-year basis. As a group, analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on RBC shares. KeyCorp raised their price objective on RBC Bearings from $475.00 to $535.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. Truist Financial set a $542.00 price target on RBC Bearings in a report on Friday, January 9th. Deutsche Bank Aktiengesellschaft set a $527.00 price target on shares of RBC Bearings and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a research note on Monday, December 22nd. Finally, Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $489.17.

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.