Davis R M Inc. Reduces Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Davis R M Inc. lessened its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 2.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,885 shares of the industrial products company’s stock after selling 1,264 shares during the quarter. Davis R M Inc.’s holdings in RBC Bearings were worth $13,128,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp increased its position in RBC Bearings by 2.4% during the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after purchasing an additional 19,962 shares in the last quarter. Geneva Capital Management LLC increased its position in RBC Bearings by 1.4% during the 3rd quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock worth $176,829,000 after purchasing an additional 8,012 shares in the last quarter. Geode Capital Management LLC increased its position in RBC Bearings by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock worth $144,490,000 after purchasing an additional 5,040 shares in the last quarter. Port Capital LLC increased its position in RBC Bearings by 0.9% during the 3rd quarter. Port Capital LLC now owns 385,101 shares of the industrial products company’s stock worth $115,292,000 after purchasing an additional 3,525 shares in the last quarter. Finally, Maren Capital LLC increased its position in RBC Bearings by 3.8% during the 3rd quarter. Maren Capital LLC now owns 379,113 shares of the industrial products company’s stock worth $113,499,000 after purchasing an additional 13,812 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RBC. KeyCorp raised their price target on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and raised their price target for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Truist Financial raised their price target on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Finally, Morgan Stanley raised 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. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $361.20.

RBC Bearings Stock Performance

NYSE RBC opened at $345.03 on Tuesday. The firm has a market capitalization of $10.84 billion, a P/E ratio of 47.39, a P/E/G ratio of 4.42 and a beta of 1.72. RBC Bearings Incorporated has a 1-year low of $241.43 and a 1-year high of $372.83. 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 business’s 50-day simple moving average is $335.87 and its 200-day simple moving average is $315.11.

Insider Activity

In other news, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the transaction, the director now directly owns 6,728 shares of the company’s stock, valued at $2,441,523.92. The trade was a 5.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction dated 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 transaction, the chief executive officer now directly owns 320,088 shares in the company, valued at $117,776,379.60. This represents a 0.77 % 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 valued at $3,963,031 in the last three months. Corporate insiders own 2.60% of the company’s stock.

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.