RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 5.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 596,591 shares of the industrial products company’s stock after selling 34,466 shares during the period. Clearbridge Investments LLC’s holdings in RBC Bearings were worth $178,464,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new position in RBC Bearings in the 4th quarter valued at about $30,000. Golden State Wealth Management LLC acquired a new position in shares of RBC Bearings in the fourth quarter valued at approximately $38,000. UMB Bank n.a. lifted its stake in shares of RBC Bearings by 84.9% during the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock valued at $51,000 after buying an additional 79 shares during the period. Harbor Investment Advisory LLC acquired a new stake in RBC Bearings during the fourth quarter worth approximately $82,000. Finally, Quarry LP grew its stake in RBC Bearings by 1,003.7% in the 3rd quarter. Quarry LP now owns 298 shares of the industrial products company’s stock worth $89,000 after acquiring an additional 271 shares during the period.

RBC Bearings Trading Down 2.0 %

RBC stock opened at $326.09 on Monday. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The company has a market cap of $10.24 billion, a price-to-earnings ratio of 44.79, a PEG ratio of 4.42 and a beta of 1.72. The business has a fifty day simple moving average of $345.26 and a 200-day simple moving average of $319.51. RBC Bearings Incorporated has a 52 week low of $241.43 and a 52 week high of $372.83.

Insider Buying and Selling at RBC Bearings

In other news, CFO Robert M. Sullivan sold 8,000 shares of the business’s stock in a transaction dated Thursday, February 13th. The stock was 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 in the company, valued at approximately $4,123,129.50. The trade was a 41.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was 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 approximately $117,776,379.60. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,900 shares of company stock valued at $3,963,031. Company insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on RBC shares. Morgan Stanley increased 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 increased their target price on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Finally, KeyCorp lifted their price target on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.