RBC Bearings Incorporated (NYSE:RBC) Stake Lowered by GW&K Investment Management LLC

GW&K Investment Management LLC cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 0.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 468,082 shares of the industrial products company’s stock after selling 2,760 shares during the quarter. RBC Bearings makes up about 1.2% of GW&K Investment Management LLC’s investment portfolio, making the stock its 5th largest position. GW&K Investment Management LLC owned approximately 1.49% of RBC Bearings worth $140,022,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of RBC Bearings by 2.4% in the 3rd 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 in the last quarter. Conestoga Capital Advisors LLC increased its holdings in RBC Bearings by 1.7% during the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock valued at $221,793,000 after buying an additional 12,375 shares during the period. Geneva Capital Management LLC raised its stake 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 worth $176,829,000 after buying an additional 8,012 shares in the last quarter. Geode Capital Management LLC lifted its holdings 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 buying an additional 5,040 shares during the period. Finally, Port Capital LLC boosted its position in RBC Bearings by 0.9% during the 3rd quarter. Port Capital LLC now owns 385,101 shares of the industrial products company’s stock valued at $115,292,000 after acquiring an additional 3,525 shares in the last quarter.

Insider Activity at RBC Bearings

In other news, Director Michael H. Ambrose sold 400 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 2,500 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 320,088 shares of the company’s stock, valued at approximately $117,776,379.60. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,900 shares of company stock valued at $3,963,031 in the last three months. 2.60% of the stock is owned by insiders.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $357.24 on Friday. RBC Bearings Incorporated has a fifty-two week low of $241.43 and a fifty-two week high of $372.83. The company has a market cap of $11.22 billion, a PE ratio of 49.07, a P/E/G ratio of 4.42 and a beta of 1.58. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. The business has a 50-day simple moving average of $328.94 and a two-hundred day simple moving average of $311.44.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RBC. Morgan Stanley boosted their price target on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. 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. Truist Financial lifted their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Finally, Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently 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.