CANADA LIFE ASSURANCE Co Buys 1,204 Shares of RBC Bearings Incorporated (NYSE:RBC)

CANADA LIFE ASSURANCE Co lifted its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 6.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,500 shares of the industrial products company's stock after purchasing an additional 1,204 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.07% of RBC Bearings worth $6,132,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. GKV Capital Management Co. Inc. bought a new position in shares of RBC Bearings during the fourth quarter valued at approximately $277,000. Farringdon Capital Ltd. purchased a new position in RBC Bearings during the fourth quarter valued at $265,000. Marshall Wace LLP bought a new stake in RBC Bearings in the fourth quarter worth $360,000. PEAK6 LLC purchased a new stake in shares of RBC Bearings in the fourth quarter worth $519,000. Finally, Guggenheim Capital LLC increased its holdings in shares of RBC Bearings by 34.1% during the fourth quarter. Guggenheim Capital LLC now owns 1,741 shares of the industrial products company's stock valued at $521,000 after acquiring an additional 443 shares in the last quarter.

RBC Bearings Stock Performance

RBC Bearings stock traded down $2.87 during midday trading on Friday, reaching $327.26. 153,271 shares of the company traded hands, compared to its average volume of 161,607. The firm has a market capitalization of $10.28 billion, a price-to-earnings ratio of 44.95, a price-to-earnings-growth ratio of 4.42 and a beta of 1.60. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The business has a 50 day moving average of $335.77 and a two-hundred day moving average of $323.64. RBC Bearings Incorporated has a 12 month low of $243.50 and a 12 month high of $372.83.

Analyst Upgrades and Downgrades

Several analysts recently commented on RBC shares. Truist Financial cut their price objective on shares of RBC Bearings from $410.00 to $375.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. KeyCorp upped their price objective 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 lifted 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 equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, RBC Bearings presently has a consensus rating of "Moderate Buy" and an average price target of $354.20.

Insider Transactions at RBC Bearings

In related news, CEO Michael J. Hartnett sold 2,500 shares of the business'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 transaction of $919,875.00. Following the completion of the sale, the chief executive officer now directly owns 320,088 shares in the company, valued at approximately $117,776,379.60. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Robert M. Sullivan sold 8,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the transaction, the chief financial officer now 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. Insiders have sold a total of 10,900 shares of company stock worth $3,963,031 in the last ninety days. Insiders own 2.60% of the company's stock.

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.