RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC trimmed its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 5.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 596,591 shares of the industrial products company's stock after selling 34,466 shares during the period. Clearbridge Investments LLC owned approximately 1.90% of RBC Bearings worth $178,464,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of RBC Bearings by 8.5% during the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock valued at $879,149,000 after acquiring an additional 229,466 shares in the last quarter. State Street Corp lifted its stake in shares of RBC Bearings by 2.4% during the third quarter. State Street Corp now owns 845,175 shares of the industrial products company's stock worth $253,028,000 after buying an additional 19,962 shares during the period. Geode Capital Management LLC grew its holdings in shares of 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 valued at $144,490,000 after buying an additional 5,040 shares during the last quarter. Port Capital LLC increased its position in shares of RBC Bearings by 0.9% in 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 during the period. Finally, Maren Capital LLC increased its position in shares of RBC Bearings by 3.8% in the 3rd quarter. Maren Capital LLC now owns 379,113 shares of the industrial products company's stock valued at $113,499,000 after acquiring an additional 13,812 shares during the period.

Remove Ads

Wall Street Analysts Forecast Growth

RBC has been the subject of several research analyst reports. Morgan Stanley raised their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 4th. Truist Financial upped their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the company a "buy" rating in a report on Monday, February 3rd. Finally, KeyCorp boosted their target price 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. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $361.20.

Insider Buying and Selling

In other news, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total value of $145,156.00. Following the sale, the director now owns 6,728 shares in the company, valued at $2,441,523.92. This trade 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 available through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer now owns 11,382 shares of the company's stock, valued at approximately $4,123,129.50. This trade represents a 41.28 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is owned by company insiders.

RBC Bearings Stock Performance

RBC traded down $16.61 on Thursday, reaching $320.38. The stock had a trading volume of 99,046 shares, compared to its average volume of 156,942. The business's 50-day moving average price is $345.94 and its two-hundred day moving average price is $320.20. 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 12-month low of $241.43 and a 12-month high of $372.83. The company has a market cap of $10.06 billion, a P/E ratio of 44.02, a price-to-earnings-growth ratio of 4.42 and a beta of 1.72.

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.