Argent Trust Co Makes New Investment in RBC Bearings Incorporated (NYSE:RBC)

Argent Trust Co purchased a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 765 shares of the industrial products company's stock, valued at approximately $229,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. R Squared Ltd purchased a new position in RBC Bearings during the 4th quarter valued at about $30,000. Golden State Wealth Management LLC purchased a new stake in RBC Bearings in the 4th quarter worth approximately $38,000. UMB Bank n.a. boosted its stake in shares of RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company's stock valued at $51,000 after buying an additional 79 shares during the period. Harbor Investment Advisory LLC purchased a new position in shares of RBC Bearings during the 4th quarter valued at $82,000. Finally, Venturi Wealth Management LLC raised its holdings in shares of RBC Bearings by 2,405.3% during the fourth quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company's stock worth $142,000 after acquiring an additional 457 shares in the last quarter.

Insider Buying and Selling

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the company's stock in a transaction 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 sale, the chief financial officer now directly owns 11,382 shares in the company, valued at $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of the business's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the sale, the director now owns 6,728 shares in the company, valued at $2,441,523.92. This represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,900 shares of company stock valued at $3,963,031 over the last ninety days. 2.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Morgan Stanley lifted their price target on RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a report on Tuesday, February 4th. Truist Financial reduced their target price on shares of RBC Bearings from $410.00 to $375.00 and set a "buy" rating for the company in a research note on Thursday. Finally, 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 note on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $354.20.

RBC Bearings Stock Performance

RBC stock traded up $1.51 during trading on Friday, reaching $321.48. 277,875 shares of the stock were exchanged, compared to its average volume of 162,134. The stock has a 50 day simple moving average of $340.76 and a 200-day simple moving average of $322.08. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month high of $372.83. The company has a market capitalization of $10.10 billion, a P/E ratio of 44.16, a price-to-earnings-growth ratio of 4.42 and a beta of 1.60.

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.