RBC Bearings Incorporated (NYSE:RBC) Shares Purchased by Summitry LLC

Summitry LLC boosted its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 28.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,164 shares of the industrial products company’s stock after buying an additional 261 shares during the quarter. Summitry LLC’s holdings in RBC Bearings were worth $348,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RBC. Vanguard Group Inc. boosted its holdings in RBC Bearings by 8.5% in 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 purchasing an additional 229,466 shares during the period. State Street Corp boosted its stake in shares of RBC Bearings by 2.4% in the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock valued at $253,028,000 after buying an additional 19,962 shares during the period. Geode Capital Management LLC grew its position in shares of RBC Bearings by 1.1% during the third quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock worth $144,490,000 after buying an additional 5,040 shares in the last quarter. Port Capital LLC increased its stake in shares of RBC Bearings by 0.9% during the third quarter. Port Capital LLC now owns 385,101 shares of the industrial products company’s stock worth $115,292,000 after buying an additional 3,525 shares during the period. Finally, Maren Capital LLC raised its holdings in RBC Bearings by 3.8% in the third quarter. Maren Capital LLC now owns 379,113 shares of the industrial products company’s stock valued at $113,499,000 after acquiring an additional 13,812 shares in the last quarter.

Insider Buying and Selling at RBC Bearings

In related news, Director Michael H. Ambrose sold 400 shares of the stock in a transaction 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 completion of the sale, the director now owns 6,728 shares in the company, valued at $2,441,523.92. This represents a 5.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert M. Sullivan sold 8,000 shares of RBC Bearings stock in a transaction on 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 in the company, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,900 shares of company stock worth $3,963,031. 2.60% of the stock is owned by insiders.

RBC Bearings Stock Down 0.7 %

Shares of NYSE RBC opened at $332.89 on Wednesday. The business has a 50-day moving average price of $343.98 and a 200 day moving average price of $318.52. The stock has a market cap of $10.46 billion, a PE ratio of 45.73, a price-to-earnings-growth ratio of 4.42 and a beta of 1.72. 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 $241.43 and a 52-week high of $372.83.

Wall Street Analysts Forecast Growth

RBC has been the topic of a number of recent analyst reports. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. KeyCorp increased their target price on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Truist Financial lifted their price target on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Finally, Morgan Stanley increased their price objective on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus price target 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.