Summitry LLC Increases Stake in RBC Bearings Incorporated (NYSE:RBC)

Summitry LLC grew its position in RBC Bearings Incorporated (NYSE:RBC) by 28.9% during the 4th quarter, Holdings Channel reports. The fund owned 1,164 shares of the industrial products company’s stock after buying an additional 261 shares during the quarter. Summitry LLC’s holdings in RBC Bearings were worth $348,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in RBC. Jane Street Group LLC increased its position in RBC Bearings by 18.5% during the 3rd quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company’s stock worth $4,951,000 after purchasing an additional 2,584 shares during the period. Holocene Advisors LP raised its position in RBC Bearings by 69.4% in the third quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company’s stock worth $3,711,000 after acquiring an additional 5,078 shares in the last quarter. State Street Corp lifted its holdings in 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 acquiring an additional 19,962 shares during the period. Citigroup Inc. boosted its position in shares of RBC Bearings by 7.0% during the 3rd quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company’s stock worth $8,130,000 after purchasing an additional 1,770 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of RBC Bearings by 0.6% during the 4th quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company’s stock worth $59,581,000 after purchasing an additional 1,103 shares during the period.

Analysts Set New Price Targets

RBC has been the topic of a number of research analyst reports. William Blair reissued an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Morgan Stanley boosted their price target on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Truist Financial raised their price objective on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, KeyCorp boosted their target price on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $361.20.

RBC Bearings Stock Down 0.7 %

RBC stock opened at $332.89 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The company’s 50 day simple moving average is $343.98 and its 200-day simple moving average is $318.52. RBC Bearings Incorporated has a 12 month low of $241.43 and a 12 month high of $372.83. The firm has a market capitalization of $10.46 billion, a PE ratio of 45.73, a P/E/G ratio of 4.42 and a beta of 1.72.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 2,500 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $367.95, for a total transaction of $919,875.00. Following the sale, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at $117,776,379.60. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael H. Ambrose sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the transaction, the director now directly owns 6,728 shares of the company’s stock, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,900 shares of company stock worth $3,963,031. 2.60% of the stock is owned by insiders.

RBC Bearings Company Profile

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.