Advisors Capital Management LLC Raises Stake in RBC Bearings Incorporated (NYSE:RBC)

Advisors Capital Management LLC increased its stake in RBC Bearings Incorporated (NYSE:RBC) by 1.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,894 shares of the industrial products company’s stock after purchasing an additional 297 shares during the quarter. Advisors Capital Management LLC owned 0.09% of RBC Bearings worth $8,344,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Jane Street Group LLC increased its holdings in RBC Bearings by 18.5% in the third quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company’s stock valued at $4,951,000 after buying an additional 2,584 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in RBC Bearings by 0.6% during the fourth quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company’s stock worth $59,581,000 after purchasing an additional 1,103 shares during the last quarter. Geode Capital Management LLC boosted its position in 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 purchasing an additional 5,040 shares in the last quarter. GAMMA Investing LLC grew its holdings in RBC Bearings by 17.5% in the fourth quarter. GAMMA Investing LLC now owns 517 shares of the industrial products company’s stock valued at $155,000 after purchasing an additional 77 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of RBC Bearings by 39.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock valued at $66,247,000 after buying an additional 62,706 shares in the last quarter.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $332.52 on Monday. 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 company has a market cap of $10.44 billion, a PE ratio of 45.68, a price-to-earnings-growth ratio of 4.42 and a beta of 1.60. The company has a 50-day simple moving average of $343.75 and a 200-day simple moving average of $321.62. RBC Bearings Incorporated has a 12 month low of $241.43 and a 12 month high of $372.83.

Insiders Place Their Bets

In other news, CFO Robert M. Sullivan sold 8,000 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was 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 $4,123,129.50. This trade represents a 41.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the transaction, the director now owns 6,728 shares of the company’s stock, valued at $2,441,523.92. The trade was a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 10,900 shares of company stock valued at $3,963,031. Company insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on RBC. Truist Financial increased their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Morgan Stanley increased their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Finally, KeyCorp lifted their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Three equities research 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, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.