Clearbridge Investments LLC Trims Position in RBC Bearings Incorporated (NYSE:RBC)

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 quarter. Clearbridge Investments LLC owned about 1.90% of RBC Bearings worth $178,464,000 at the end of the most recent quarter.

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

RBC Bearings Trading Down 2.0 %

Shares of RBC opened at $326.09 on Monday. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month high of $372.83. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $10.24 billion, a P/E ratio of 44.79, a PEG ratio of 4.42 and a beta of 1.72. The firm’s 50-day moving average is $345.26 and its two-hundred day moving average is $319.51.

Insider Transactions at RBC Bearings

In related news, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction on Wednesday, February 5th. The stock was 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. The trade was a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael J. Hartnett sold 2,500 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the sale, the chief executive officer now directly owns 320,088 shares in the company, valued at $117,776,379.60. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,900 shares of company stock valued at $3,963,031 in the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RBC shares. KeyCorp lifted their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Truist Financial boosted 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, Morgan Stanley increased their target price on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $361.20.

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.