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) by 15.8% during the third quarter, HoldingsChannel reports. The fund owned 264,791 shares of the industrial products company’s stock after selling 49,779 shares during the quarter. Fred Alger Management LLC’s holdings in RBC Bearings were worth $79,273,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of RBC. Jennison Associates LLC grew its position in RBC Bearings by 170.2% during the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock worth $35,399,000 after buying an additional 74,474 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in RBC Bearings by 22.7% in the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after acquiring an additional 64,217 shares during the period. American Century Companies Inc. increased its stake in RBC Bearings by 30.4% in the second quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after acquiring an additional 48,209 shares during the period. Douglas Lane & Associates LLC lifted its stake in RBC Bearings by 123.9% during the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock worth $22,085,000 after purchasing an additional 45,294 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of RBC Bearings in the 2nd quarter valued at approximately $11,708,000.

RBC Bearings Stock Down 0.1 %

Shares of NYSE RBC opened at $339.66 on Friday. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The company has a market cap of $10.67 billion, a price-to-earnings ratio of 49.59, a price-to-earnings-growth ratio of 4.67 and a beta of 1.51. RBC Bearings Incorporated has a 12-month low of $240.36 and a 12-month high of $343.66. The firm’s 50-day simple moving average is $301.50 and its 200 day simple moving average is $290.28.

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and raised their target price for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective for the company in a report on Friday, November 22nd. Truist Financial increased their target price 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. Finally, William Blair restated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, 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 11,341 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $287.52, for a total value of $3,260,764.32. Following the transaction, the chief executive officer now owns 320,053 shares of the company’s stock, valued at approximately $92,021,638.56. This represents a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 34,127 shares of company stock valued at $9,839,707 over the last ninety days. Insiders own 2.60% of the company’s stock.

RBC Bearings Company 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.