Granahan Investment Management Inc. MA lowered its position in RBC Bearings Incorporated (NASDAQ:ROLL) by 74.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 99,814 shares of the industrial products company’s stock after selling 293,389 shares during the period. Granahan Investment Management Inc. MA’s holdings in RBC Bearings were worth $9,691,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in ROLL. State Street Corp increased its stake in RBC Bearings by 4.0% in the fourth quarter. State Street Corp now owns 403,598 shares of the industrial products company’s stock worth $37,463,000 after buying an additional 15,394 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of RBC Bearings by 6.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 23,279 shares of the industrial products company’s stock valued at $2,159,000 after buying an additional 1,337 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of RBC Bearings during the fourth quarter valued at about $180,000. Norges Bank bought a new stake in shares of RBC Bearings during the fourth quarter valued at about $14,820,000. Finally, Suntrust Banks Inc. increased its stake in shares of RBC Bearings by 2.3% in the first quarter. Suntrust Banks Inc. now owns 4,703 shares of the industrial products company’s stock valued at $455,000 after buying an additional 107 shares in the last quarter. Institutional investors and hedge funds own 99.43% of the company’s stock.
Shares of RBC Bearings Incorporated (NASDAQ:ROLL) traded up 1.09% during mid-day trading on Friday, reaching $104.82. The company had a trading volume of 201,741 shares. The company’s 50-day moving average is $101.83 and its 200 day moving average is $94.78. The stock has a market capitalization of $2.49 billion, a P/E ratio of 35.29 and a beta of 1.28. RBC Bearings Incorporated has a 52-week low of $67.99 and a 52-week high of $108.39.
RBC Bearings (NASDAQ:ROLL) last posted its quarterly earnings data on Wednesday, May 31st. The industrial products company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.02. RBC Bearings had a net margin of 11.48% and a return on equity of 11.12%. The company had revenue of $160.20 million for the quarter, compared to the consensus estimate of $161.08 million. During the same quarter in the previous year, the firm posted $0.86 EPS. The business’s revenue was down 1.3% compared to the same quarter last year. Analysts anticipate that RBC Bearings Incorporated will post $3.57 EPS for the current fiscal year.
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Separately, Zacks Investment Research downgraded RBC Bearings from a “hold” rating to a “sell” rating in a report on Thursday, April 6th.
In related news, insider Michael J. Hartnett sold 25,802 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $106.64, for a total value of $2,751,525.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Thomas C. Crainer sold 5,000 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $106.62, for a total transaction of $533,100.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,078 shares of company stock worth $6,997,430. Insiders own 4.40% of the company’s stock.
RBC Bearings Company Profile
RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and products, which are integral to the manufacture and operation of machines, aircraft and mechanical systems. The Company operates through four segments: Plain Bearings; Roller Bearings; Ball Bearings, and Engineered Products.
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