RBC Bearings (RBC) Rose on Strong Margin Performance
ClearBridge Investments, an investment management firm, released its third-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. The strategy underperformed its benchmark Russell Midcap Growth Index in the quarter. Overall, the effects of stock selection impacted the performance on a relative basis. The strategy gained three of the 11 sectors it was invested during the quarter on an absolute basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Growth Strategy highlighted stocks like RBC Bearings Incorporated (NYSE:RBC) in the third quarter 2023 investor letter. Headquartered in Oxford, Connecticut, RBC Bearings Incorporated (NYSE:RBC) is an engineered precision bearings and components manufacturer. On December 13, 2023, RBC Bearings Incorporated (NYSE:RBC) stock closed at $267.00 per share. One-month return of RBC Bearings Incorporated (NYSE:RBC) was 9.78%, and its shares gained 21.36% of their value over the last 52 weeks. RBC Bearings Incorporated (NYSE:RBC) has a market capitalization of $7.766 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about RBC Bearings Incorporated (NYSE:RBC) in its Q3 2023 investor letter:
"RBC Bearings Incorporated (NYSE:RBC) also generated positive returns thanks to strong gross margin performance within the company’s aerospace and industrial segments. We believe these companies continue to have compelling long-term growth prospects and are positioned to be able to grow and capture additional market share regardless of the direction the economy takes over the near term."
A close-up shot of a technician assembling a precision component of a low earth orbit microsatellite.
RBC Bearings Incorporated (NYSE:RBC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held RBC Bearings Incorporated (NYSE:RBC) at the end of third quarter which was 30 in the previous quarter.
We discussed RBC Bearings Incorporated (NYSE:RBC) in another article and shared Conestoga Capital Advisors' views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
