Insider Selling: RBC Bearings Incorporated (NYSE:RBC) CFO Sells 8,000 Shares of Stock

RBC Bearings Incorporated (NYSE:RBC) CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the sale, the chief financial officer now owns 11,382 shares of the company’s stock, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $363.80 on Friday. The company has a fifty day moving average price of $322.33 and a 200 day moving average price of $306.43. RBC Bearings Incorporated has a 1-year low of $241.43 and a 1-year high of $372.51. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The firm has a market cap of $11.43 billion, a PE ratio of 49.97, a PEG ratio of 4.90 and a beta of 1.58.

Hedge Funds Weigh In On RBC Bearings

A number of large investors have recently modified their holdings of the business. Comerica Bank boosted its stake in shares of RBC Bearings by 2.5% during the 4th quarter. Comerica Bank now owns 76,377 shares of the industrial products company’s stock worth $22,848,000 after buying an additional 1,870 shares during the last quarter. Northern Trust Corp boosted its stake in shares of RBC Bearings by 18.2% during the 4th quarter. Northern Trust Corp now owns 276,340 shares of the industrial products company’s stock worth $82,664,000 after buying an additional 42,459 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of RBC Bearings by 5.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 24,933 shares of the industrial products company’s stock worth $7,458,000 after buying an additional 1,314 shares during the last quarter. Quarry LP boosted its stake in shares of RBC Bearings by 30.9% during the 4th quarter. Quarry LP now owns 390 shares of the industrial products company’s stock worth $117,000 after buying an additional 92 shares during the last quarter. Finally, Boothbay Fund Management LLC boosted its stake in shares of RBC Bearings by 24.5% during the 4th quarter. Boothbay Fund Management LLC now owns 1,066 shares of the industrial products company’s stock worth $319,000 after buying an additional 210 shares during the last quarter.

Analyst Ratings Changes

A number of analysts recently commented on RBC shares. Morgan Stanley upped their price objective on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Truist Financial upped their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. William Blair restated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. KeyCorp upped their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their target price for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus price target of $361.20.

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.