RBC Bearings Incorporated (NYSE:RBC) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 39.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 222,430 shares of the industrial products company's stock after purchasing an additional 62,706 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.71% of RBC Bearings worth $66,247,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. nVerses Capital LLC acquired a new stake in shares of RBC Bearings during the third quarter valued at about $120,000. Blue Trust Inc. boosted its holdings in RBC Bearings by 541.9% in the third quarter. Blue Trust Inc. now owns 276 shares of the industrial products company's stock valued at $83,000 after purchasing an additional 233 shares during the last quarter. Raymond James & Associates grew its stake in RBC Bearings by 2.6% during the 3rd quarter. Raymond James & Associates now owns 163,312 shares of the industrial products company's stock valued at $48,892,000 after purchasing an additional 4,157 shares in the last quarter. Berry Wealth Group LP increased its holdings in RBC Bearings by 19.1% during the 3rd quarter. Berry Wealth Group LP now owns 899 shares of the industrial products company's stock worth $269,000 after purchasing an additional 144 shares during the last quarter. Finally, Whittier Trust Co. raised its position in shares of RBC Bearings by 4.3% in the 3rd quarter. Whittier Trust Co. now owns 54,969 shares of the industrial products company's stock valued at $16,456,000 after purchasing an additional 2,260 shares in the last quarter.

Insider Buying and Selling at RBC Bearings

In other news, CEO Michael J. Hartnett sold 2,500 shares of the company's stock in a transaction that occurred 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 completion of the sale, 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 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 the company's stock in a transaction that occurred on 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 owns 11,382 shares of the company's stock, 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. Insiders sold a total of 10,900 shares of company stock worth $3,963,031 over the last ninety days. Company insiders own 2.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RBC shares. William Blair reissued an "outperform" rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Bank of America downgraded shares of RBC Bearings from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. KeyCorp increased their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Truist Financial boosted their price objective on RBC Bearings from $351.00 to $410.00 and gave the company a "buy" rating in a report on Monday, February 3rd. Finally, Morgan Stanley increased their target price on RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a report on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings currently has a consensus rating of "Moderate Buy" and an average price target of $361.20.

RBC Bearings Stock Performance

Shares of NYSE:RBC traded up $1.03 during trading on Monday, reaching $363.80. 188,155 shares of the company's stock traded hands, compared to its average volume of 170,649. The stock has a market capitalization of $11.43 billion, a P/E ratio of 49.97, a price-to-earnings-growth ratio of 4.90 and a beta of 1.58. RBC Bearings Incorporated has a 12 month low of $241.43 and a 12 month high of $372.51. The company has a 50 day moving average of $322.94 and a 200-day moving average of $307.07. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

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.