Golden State Wealth Management LLC Acquires New Stake in RBC Bearings Incorporated (NYSE:RBC)

Golden State Wealth Management LLC bought a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 127 shares of the industrial products company’s stock, valued at approximately $38,000.

Several other institutional investors also recently bought and sold shares of the company. State Street Corp boosted its stake in shares of RBC Bearings by 2.4% in the third quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock valued at $253,028,000 after purchasing an additional 19,962 shares during the period. Conestoga Capital Advisors LLC boosted its position in RBC Bearings by 1.7% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock valued at $221,793,000 after buying an additional 12,375 shares during the period. Geneva Capital Management LLC boosted its position in RBC Bearings by 1.4% in the 3rd quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock valued at $176,829,000 after buying an additional 8,012 shares during the period. Geode Capital Management LLC grew its stake in shares of RBC Bearings by 1.1% in the third quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock worth $144,490,000 after acquiring an additional 5,040 shares in the last quarter. Finally, Port Capital LLC increased its position in shares of RBC Bearings by 0.9% during the third quarter. Port Capital LLC now owns 385,101 shares of the industrial products company’s stock worth $115,292,000 after acquiring an additional 3,525 shares during the period.

Analyst Ratings Changes

Several research analysts recently commented on the company. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. KeyCorp boosted their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Morgan Stanley raised their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Truist Financial lifted their price target on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Finally, Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and increased their price objective for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $348.50.

Insider Activity at RBC Bearings

In other news, Director Michael H. Ambrose sold 400 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the sale, the director now directly owns 6,728 shares of the company’s stock, valued at approximately $2,441,523.92. The trade was a 5.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Hartnett sold 2,500 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the sale, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at approximately $117,776,379.60. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $364.76 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a 52 week low of $241.43 and a 52 week high of $372.51. The firm’s 50 day moving average is $320.71 and its two-hundred day moving average is $305.01. The firm has a market capitalization of $11.46 billion, a P/E ratio of 50.11, a P/E/G ratio of 4.90 and a beta of 1.58.

About RBC Bearings

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.