Fred Alger Management LLC Has $65.49 Million Position in RBC Bearings Incorporated (NYSE:RBC)

Fred Alger Management LLC lowered its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 17.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 218,937 shares of the industrial products company’s stock after selling 45,854 shares during the period. Fred Alger Management LLC owned 0.70% of RBC Bearings worth $65,493,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in RBC. Norges Bank bought a new position in shares of RBC Bearings during the fourth quarter valued at $88,184,000. Raymond James Financial Inc. acquired a new position in shares of RBC Bearings during the fourth quarter worth approximately $71,324,000. Vanguard Group Inc. grew its holdings in shares of RBC Bearings by 8.5% during the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company’s stock valued at $879,149,000 after buying an additional 229,466 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of RBC Bearings by 32.6% in the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company’s stock worth $159,998,000 after purchasing an additional 131,614 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of RBC Bearings by 63.5% in the 4th quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company’s stock worth $94,427,000 after acquiring an additional 122,552 shares in the last quarter.

Wall Street Analyst Weigh In

RBC has been the subject of a number of research reports. KeyCorp increased their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Morgan Stanley upped their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Finally, Truist Financial cut their price objective on RBC Bearings from $410.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average target price of $354.20.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 11,382 shares of the company’s stock, valued at $4,123,129.50. This represents a 41.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.60% of the company’s stock.

RBC Bearings Stock Performance

Shares of RBC stock opened at $342.34 on Thursday. 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 $259.88 and a 52 week high of $372.83. The firm has a market capitalization of $10.75 billion, a PE ratio of 47.02, a P/E/G ratio of 4.42 and a beta of 1.66. The company has a 50 day moving average price of $331.80 and a 200-day moving average price of $326.20.

RBC Bearings 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.