Corient Private Wealth LLC Has $2.90 Million Stake in RBC Bearings Incorporated (NYSE:RBC)

Corient Private Wealth LLC trimmed its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 12.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,688 shares of the industrial products company's stock after selling 1,392 shares during the period. Corient Private Wealth LLC's holdings in RBC Bearings were worth $2,898,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in RBC Bearings in the 4th quarter valued at about $71,324,000. Erste Asset Management GmbH bought a new position in shares of RBC Bearings in the third quarter valued at about $20,657,000. Allspring Global Investments Holdings LLC lifted its position in RBC Bearings by 39.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company's stock worth $66,247,000 after acquiring an additional 62,706 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of RBC Bearings in the fourth quarter valued at approximately $7,785,000. Finally, Douglas Lane & Associates LLC increased its stake in shares of RBC Bearings by 17.0% during the fourth quarter. Douglas Lane & Associates LLC now owns 147,452 shares of the industrial products company's stock worth $44,109,000 after purchasing an additional 21,379 shares during the period.

Insider Activity at RBC Bearings

In other news, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction of $919,875.00. Following 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 trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the transaction, the director now directly owns 6,728 shares of the company's stock, valued at $2,441,523.92. This represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is owned by insiders.

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RBC Bearings Price Performance

Shares of RBC stock traded up $0.99 on Thursday, hitting $333.35. 164,031 shares of the company's stock were exchanged, compared to its average volume of 151,418. RBC Bearings Incorporated has a 12 month low of $241.43 and a 12 month high of $372.83. 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 company has a 50 day moving average of $344.51 and a 200 day moving average of $318.61. The stock has a market cap of $10.47 billion, a P/E ratio of 45.79, a price-to-earnings-growth ratio of 4.42 and a beta of 1.72.

Wall Street Analyst Weigh In

RBC has been the topic of several research reports. KeyCorp upped their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Morgan Stanley boosted their price target on RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a research note on Tuesday, February 4th. Finally, Truist Financial upped their target price on RBC Bearings from $351.00 to $410.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $361.20.

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.