Summit Investment Advisors Inc. Acquires 295 Shares of RBC Bearings Incorporated (NYSE:RBC)

Summit Investment Advisors Inc. increased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 4.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,256 shares of the industrial products company’s stock after purchasing an additional 295 shares during the quarter. Summit Investment Advisors Inc.’s holdings in RBC Bearings were worth $1,871,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Torray Investment Partners LLC increased its position in shares of RBC Bearings by 0.3% during the fourth quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company’s stock worth $2,533,000 after acquiring an additional 28 shares in the last quarter. Curated Wealth Partners LLC boosted its stake in RBC Bearings by 1.6% in the 4th quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company’s stock worth $595,000 after purchasing an additional 32 shares during the period. Townsquare Capital LLC increased its holdings in RBC Bearings by 0.6% during the 4th quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company’s stock worth $1,694,000 after purchasing an additional 36 shares in the last quarter. Argonautica Private Wealth Management Inc. raised its stake in shares of RBC Bearings by 3.4% in the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company’s stock valued at $418,000 after purchasing an additional 46 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in shares of RBC Bearings by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company’s stock valued at $273,000 after purchasing an additional 47 shares in the last quarter.

RBC Bearings Price Performance

Shares of RBC opened at $332.60 on Wednesday. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The company’s fifty day simple moving average is $342.42 and its 200 day simple moving average is $321.94. RBC Bearings Incorporated has a 1-year low of $241.43 and a 1-year high of $372.83. The company has a market cap of $10.45 billion, a price-to-earnings ratio of 45.69, a PEG ratio of 4.42 and a beta of 1.60.

Insider Transactions at RBC Bearings

In other news, CEO Michael J. Hartnett sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the sale, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at $117,776,379.60. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael H. Ambrose sold 400 shares of the business’s stock in a transaction that occurred on 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 in the company, 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. Insiders have sold 10,900 shares of company stock worth $3,963,031 in the last ninety days. Insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

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