Ashton Thomas Private Wealth LLC Takes Position in RBC Bearings Incorporated (NYSE:RBC)

Ashton Thomas Private Wealth LLC purchased a new stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 885 shares of the industrial products company's stock, valued at approximately $265,000.

Other institutional investors have also recently made changes to their positions in the company. Jane Street Group LLC lifted its position in shares of RBC Bearings by 18.5% during the 3rd quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company's stock valued at $4,951,000 after buying an additional 2,584 shares during the last quarter. Segall Bryant & Hamill LLC lifted its position in shares of RBC Bearings by 41.6% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company's stock valued at $8,896,000 after buying an additional 8,725 shares during the last quarter. Holocene Advisors LP lifted its position in shares of RBC Bearings by 69.4% during the 3rd quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company's stock valued at $3,711,000 after buying an additional 5,078 shares during the last quarter. State Street Corp lifted its position in shares of RBC Bearings by 2.4% during the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company's stock valued at $253,028,000 after buying an additional 19,962 shares during the last quarter. Finally, Citigroup Inc. lifted its holdings in RBC Bearings by 7.0% during the 3rd quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company's stock worth $8,130,000 after purchasing an additional 1,770 shares in the last quarter.

Analysts Set New Price Targets

RBC has been the topic of a number of recent research reports. 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. William Blair reissued an "outperform" rating on shares of RBC Bearings in a report on Tuesday, November 26th. Bank of America cut RBC Bearings from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. Morgan Stanley increased their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a report on Tuesday, February 4th. Finally, Truist Financial increased their price objective on RBC Bearings from $351.00 to $410.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. Three 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 currently has an average rating of "Moderate Buy" and a consensus price target of $361.20.

Remove Ads

RBC Bearings Stock Performance

NYSE:RBC opened at $340.87 on Wednesday. The business's 50-day moving average price is $336.70 and its two-hundred day moving average price is $315.43. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month high of $372.83. The stock has a market cap of $10.71 billion, a P/E ratio of 46.82, a PEG ratio of 4.42 and a beta of 1.72. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34.

Insider Buying and Selling at RBC Bearings

In related news, Director Michael H. Ambrose sold 400 shares of the firm's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total transaction 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 trade represents a 5.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of the firm's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $362.25, for a total value of $2,898,000.00. Following the transaction, the chief financial officer now directly owns 11,382 shares in the company, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,900 shares of company stock valued at $3,963,031 in the last 90 days. Corporate insiders own 2.60% of the company's stock.

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.

Want to see what other hedge funds are holding RBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RBC Bearings Incorporated (NYSE:RBC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.