Smartleaf Asset Management LLC Raises Position in RBC Bearings Incorporated (NYSE:RBC)

Smartleaf Asset Management LLC raised its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 13.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 755 shares of the industrial products company’s stock after buying an additional 90 shares during the period. Smartleaf Asset Management LLC’s holdings in RBC Bearings were worth $224,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp boosted its holdings 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 valued at $253,028,000 after acquiring an additional 19,962 shares during the period. Geneva Capital Management LLC lifted its position in RBC Bearings by 1.4% in the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock valued at $176,829,000 after purchasing an additional 8,012 shares during the last quarter. Geode Capital Management LLC boosted its stake 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 valued at $144,490,000 after purchasing an additional 5,040 shares during the period. Port Capital LLC grew its holdings in shares of RBC Bearings by 0.9% in the third 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 during the last quarter. Finally, Maren Capital LLC increased its stake in shares of RBC Bearings by 3.8% in the third quarter. Maren Capital LLC now owns 379,113 shares of the industrial products company’s stock worth $113,499,000 after buying an additional 13,812 shares during the period.

Insiders Place Their Bets

In other news, CFO Robert M. Sullivan sold 8,000 shares of the business’s 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 sale, the chief financial officer now owns 11,382 shares in the company, valued at approximately $4,123,129.50. The trade was a 41.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 2,500 shares of the company’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction 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 represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,900 shares of company stock worth $3,963,031. Company insiders own 2.60% of the company’s stock.

RBC Bearings Price Performance

RBC stock opened at $356.27 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. RBC Bearings Incorporated has a 1 year low of $241.43 and a 1 year high of $372.83. The firm has a 50-day moving average of $331.92 and a 200 day moving average of $313.38. The company has a market cap of $11.19 billion, a P/E ratio of 48.94, a PEG ratio of 4.42 and a beta of 1.72.

Analysts Set New Price Targets

Several brokerages have weighed in on RBC. KeyCorp increased their price target 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. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price target for the company from $330.00 to $335.00 in a report on Thursday, November 21st. Morgan Stanley increased their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Finally, Truist Financial boosted their target price on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Three investment 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.com, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus 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.