2Xideas AG Takes Position in RBC Bearings Incorporated (NYSE:RBC)

2Xideas AG bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 31,086 shares of the industrial products company’s stock, valued at approximately $9,299,000. 2Xideas AG owned approximately 0.10% of RBC Bearings at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RBC. Vanguard Group Inc. increased 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 worth $879,149,000 after purchasing an additional 229,466 shares in the last quarter. State Street Corp grew its holdings in RBC Bearings by 2.4% during the third 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 during the period. Geode Capital Management LLC boosted its holdings in RBC Bearings by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company’s stock worth $151,944,000 after buying an additional 25,268 shares during the period. Charles Schwab Investment Management Inc. grew its stake in RBC Bearings by 6.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 316,240 shares of the industrial products company’s stock valued at $94,600,000 after acquiring an additional 20,229 shares in the last quarter. Finally, Norges Bank bought a new position in shares of RBC Bearings in the fourth quarter worth approximately $88,184,000.

RBC Bearings Trading Down 2.6 %

Shares of RBC stock opened at $308.85 on Friday. RBC Bearings Incorporated has a 1 year low of $241.43 and a 1 year high of $372.83. The firm has a fifty day moving average price of $345.86 and a 200-day moving average price of $320.54. The company has a market cap of $9.70 billion, a price-to-earnings ratio of 42.42, a PEG ratio of 4.42 and a beta of 1.60. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

Insider Activity at RBC Bearings

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 value of $919,875.00. Following the sale, the chief executive officer now directly owns 320,088 shares in the company, valued at approximately $117,776,379.60. The trade was a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of RBC Bearings stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $362.25, for a total value of $2,898,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,382 shares in the company, valued at $4,123,129.50. This trade represents a 41.28 % 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. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RBC has been the topic of several analyst reports. Truist Financial lifted their price objective on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. KeyCorp boosted their price objective 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. Finally, Morgan Stanley increased their target price 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. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $361.20.

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.