The Manufacturers Life Insurance Company Boosts Position in RBC Bearings Incorporated (NYSE:RBC)

The Manufacturers Life Insurance Company grew its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 5.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,933 shares of the industrial products company’s stock after buying an additional 1,314 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of RBC Bearings worth $7,458,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RBC. Vanguard Group Inc. increased its stake in RBC Bearings by 8.5% in the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company’s stock worth $879,149,000 after acquiring an additional 229,466 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of RBC Bearings by 0.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company’s stock worth $328,253,000 after purchasing an additional 2,884 shares during the last quarter. Geode Capital Management LLC increased its position in shares of RBC Bearings by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company’s stock worth $151,944,000 after purchasing an additional 25,268 shares during the last quarter. Maren Capital LLC raised its stake in RBC Bearings by 6.5% in the fourth quarter. Maren Capital LLC now owns 403,803 shares of the industrial products company’s stock valued at $120,794,000 after purchasing an additional 24,690 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in RBC Bearings by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 358,438 shares of the industrial products company’s stock valued at $107,221,000 after purchasing an additional 6,667 shares during the last quarter.

Insider Activity

In other news, CEO Michael J. Hartnett sold 2,500 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $367.95, for a total transaction of $919,875.00. Following the completion of the transaction, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at approximately $117,776,379.60. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Robert M. Sullivan sold 8,000 shares of the firm’s 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. The trade was a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings Stock Performance

RBC Bearings stock opened at $341.60 on Wednesday. The firm has a fifty day simple moving average of $332.14 and a two-hundred day simple moving average of $326.09. 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 twelve month low of $258.29 and a twelve month high of $372.83. The company has a market capitalization of $10.73 billion, a PE ratio of 46.92, a P/E/G ratio of 4.42 and a beta of 1.66.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on RBC shares. Truist Financial decreased their price target on shares of RBC Bearings from $410.00 to $375.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. KeyCorp raised their price target on 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 price objective on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. 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, RBC Bearings has a consensus rating of “Moderate Buy” and an average price target of $354.20.

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.