NewEdge Wealth LLC Cuts Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

NewEdge Wealth LLC trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 14.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Jane Street Group LLC increased its holdings in shares of 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 valued at $4,951,000 after purchasing an additional 2,584 shares in the last quarter. Segall Bryant & Hamill LLC increased its holdings in shares of RBC Bearings by 41.6% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company’s stock valued at $8,896,000 after purchasing an additional 8,725 shares in the last quarter. TimesSquare Capital Management LLC increased its holdings in shares of RBC Bearings by 17.3% during the 3rd quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock valued at $27,125,000 after purchasing an additional 13,395 shares in the last quarter. Holocene Advisors LP increased its holdings in shares of RBC Bearings by 69.4% during the 3rd quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company’s stock valued at $3,711,000 after purchasing an additional 5,078 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of RBC Bearings by 2.4% during the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock valued at $253,028,000 after purchasing an additional 19,962 shares in the last quarter.

RBC Bearings Trading Up 0.4 %

Shares of RBC opened at $359.08 on Friday. RBC Bearings Incorporated has a 52-week low of $241.43 and a 52-week high of $372.83. 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 firm’s fifty day moving average is $330.00 and its two-hundred day moving average is $312.02. The stock has a market cap 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.

Wall Street Analyst Weigh In

RBC has been the subject of several recent analyst reports. KeyCorp boosted their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Morgan Stanley boosted their price target 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. 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 report on Thursday, November 21st. Truist Financial boosted their price target on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Finally, William Blair reissued an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $361.20.

Insiders Place Their Bets

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

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.