TimesSquare Capital Management LLC Cuts Stake in RBC Bearings Incorporated (NYSE:RBC)

TimesSquare Capital Management LLC lessened its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 29.6% in the 4th quarter, Holdings Channel reports. The firm owned 71,347 shares of the industrial products company’s stock after selling 29,990 shares during the period. TimesSquare Capital Management LLC’s holdings in RBC Bearings were worth $20,326,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Portside Wealth Group LLC boosted its holdings in shares of RBC Bearings by 4.8% during the 3rd quarter. Portside Wealth Group LLC now owns 1,104 shares of the industrial products company’s stock worth $258,000 after purchasing an additional 51 shares during the last quarter. Fifth Third Bancorp grew its holdings in RBC Bearings by 14.3% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company’s stock valued at $99,000 after buying an additional 53 shares in the last quarter. Bleakley Financial Group LLC increased its stake in shares of RBC Bearings by 2.1% in the 4th quarter. Bleakley Financial Group LLC now owns 3,197 shares of the industrial products company’s stock worth $911,000 after acquiring an additional 66 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of RBC Bearings by 0.6% during the 3rd quarter. Treasurer of the State of North Carolina now owns 12,420 shares of the industrial products company’s stock worth $2,908,000 after acquiring an additional 70 shares during the period. Finally, SkyView Investment Advisors LLC grew its holdings in shares of RBC Bearings by 2.2% in the third quarter. SkyView Investment Advisors LLC now owns 3,249 shares of the industrial products company’s stock valued at $761,000 after purchasing an additional 71 shares during the period.

Insider Buying and Selling at RBC Bearings

In other news, COO Daniel A. Bergeron sold 15,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $267.22, for a total transaction of $4,008,300.00. Following the completion of the transaction, the chief operating officer now directly owns 121,935 shares in the company, valued at $32,583,470.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Citigroup lifted their target price on shares of RBC Bearings from $250.00 to $285.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $275.86.

RBC Bearings Trading Up 0.7 %

NYSE RBC traded up $1.85 during trading hours on Friday, reaching $270.00. The company had a trading volume of 4,017 shares, compared to its average volume of 125,928. The company has a current ratio of 3.28, a quick ratio of 1.12 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $7.61 billion, a P/E ratio of 44.84, a price-to-earnings-growth ratio of 4.76 and a beta of 1.46. The stock has a 50-day moving average of $259.63 and a 200 day moving average of $259.76. RBC Bearings Incorporated has a 1-year low of $195.18 and a 1-year high of $288.16.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Thursday, February 8th. The industrial products company reported $1.75 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.08). RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. The company had revenue of $373.91 million during the quarter, compared to analyst estimates of $376.61 million. As a group, research analysts anticipate that RBC Bearings Incorporated will post 8.02 earnings per share for the current fiscal year.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.