RBC Bearings Incorporated (NYSE:RBC) Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 14.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,649 shares of the industrial products company’s stock after selling 1,643 shares during the quarter. NewEdge Wealth LLC’s holdings in RBC Bearings were worth $2,886,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. R Squared Ltd acquired a new position in RBC Bearings in the fourth quarter valued at about $30,000. Golden State Wealth Management LLC acquired a new position in RBC Bearings in the fourth quarter valued at about $38,000. UMB Bank n.a. lifted its position in RBC Bearings by 84.9% in 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 last quarter. Harbor Investment Advisory LLC acquired a new position in RBC Bearings in the fourth quarter valued at about $82,000. Finally, Quarry LP lifted its position in RBC Bearings by 1,003.7% in the third quarter. Quarry LP now owns 298 shares of the industrial products company’s stock valued at $89,000 after buying an additional 271 shares during the last quarter.

RBC Bearings Stock Up 0.4 %

Shares of NYSE:RBC opened at $359.08 on Friday. 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 firm has a market capitalization of $11.28 billion, a PE ratio of 49.32, a price-to-earnings-growth ratio of 4.42 and a beta of 1.58. The firm’s 50-day moving average is $330.00 and its two-hundred day moving average is $312.02. RBC Bearings Incorporated has a 1 year low of $241.43 and a 1 year high of $372.83.

Insiders Place Their Bets

In related news, Director Michael H. Ambrose sold 400 shares of the company’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 sale, the director now directly owns 6,728 shares in the company, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 11,382 shares in the company, valued at $4,123,129.50. The trade was a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,900 shares of company stock worth $3,963,031 over the last three months. Company insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RBC shares. Truist Financial upped their target price 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. Morgan Stanley upped their target price 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. William Blair reaffirmed 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 company an “overweight” rating in a research report on Monday, February 3rd. Finally, Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price target 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 an average 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.