Legato Capital Management LLC boosted its position in RBC Bearings Incorporated (NASDAQ:ROLL) by 889.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,956 shares of the industrial products company’s stock after buying an additional 7,152 shares during the period. Legato Capital Management LLC’s holdings in RBC Bearings were worth $810,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC increased its stake in RBC Bearings by 3.5% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,204,578 shares of the industrial products company’s stock worth $214,042,000 after buying an additional 74,561 shares during the period. Neuberger Berman Group LLC increased its stake in RBC Bearings by 1.9% in the first quarter. Neuberger Berman Group LLC now owns 2,037,896 shares of the industrial products company’s stock worth $197,859,000 after buying an additional 37,591 shares during the period. Vanguard Group Inc. increased its stake in RBC Bearings by 5.7% in the first quarter. Vanguard Group Inc. now owns 1,804,750 shares of the industrial products company’s stock worth $175,223,000 after buying an additional 96,915 shares during the period. BlackRock Inc. increased its stake in RBC Bearings by 90,578.3% in the first quarter. BlackRock Inc. now owns 1,794,523 shares of the industrial products company’s stock worth $174,231,000 after buying an additional 1,792,544 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in RBC Bearings by 4.5% in the first quarter. JPMorgan Chase & Co. now owns 1,390,763 shares of the industrial products company’s stock worth $135,029,000 after buying an additional 59,973 shares during the period. 99.86% of the stock is currently owned by institutional investors and hedge funds.
Shares of RBC Bearings Incorporated (NASDAQ:ROLL) traded up 0.55% on Tuesday, reaching $103.91. 8,692 shares of the company’s stock were exchanged. RBC Bearings Incorporated has a 12 month low of $67.99 and a 12 month high of $108.39. The firm’s 50-day moving average price is $103.04 and its 200 day moving average price is $97.70. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 34.99 and a beta of 1.30.
RBC Bearings (NASDAQ:ROLL) last announced its earnings results on Wednesday, May 31st. The industrial products company reported $0.90 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $160.20 million for the quarter, compared to analyst estimates of $161.08 million. During the same quarter in the prior year, the business posted $0.86 EPS. The business’s revenue was down 1.3% compared to the same quarter last year. Equities research analysts predict that RBC Bearings Incorporated will post $3.57 EPS for the current fiscal year.
ROLL has been the topic of a number of recent research reports. BidaskClub downgraded RBC Bearings from a “hold” rating to a “sell” rating in a research report on Friday. Zacks Investment Research upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating and set a $113.00 price target for the company in a research note on Friday, June 2nd.
In other RBC Bearings news, insider Michael J. Hartnett sold 26,745 shares of the stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $103.84, for a total transaction of $2,777,200.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas M. Burigo sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $104.95, for a total transaction of $1,049,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 135,425 shares of company stock worth $14,249,574. Company insiders own 4.40% of the company’s stock.
About RBC Bearings
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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