Franklin Resources Inc. Increases Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Franklin Resources Inc. raised its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 26.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 211,908 shares of the industrial products company's stock after purchasing an additional 44,679 shares during the period. Franklin Resources Inc. owned 0.67% of RBC Bearings worth $63,390,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Torray Investment Partners LLC lifted its stake in RBC Bearings by 0.3% in the 4th quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company's stock valued at $2,533,000 after buying an additional 28 shares in the last quarter. Curated Wealth Partners LLC lifted its position in shares of RBC Bearings by 1.6% in the fourth quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company's stock valued at $595,000 after acquiring an additional 32 shares in the last quarter. Argonautica Private Wealth Management Inc. boosted its stake in shares of RBC Bearings by 3.4% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company's stock valued at $418,000 after acquiring an additional 46 shares during the last quarter. CIBC Asset Management Inc increased its position in RBC Bearings by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company's stock worth $273,000 after purchasing an additional 47 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. raised its stake in RBC Bearings by 6.6% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 762 shares of the industrial products company's stock valued at $228,000 after purchasing an additional 47 shares during the last quarter.

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Insider Activity

In other RBC Bearings 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 $117,776,379.60. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of the firm'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 transaction, the director now directly owns 6,728 shares in the company, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,900 shares of company stock valued at $3,963,031 in the last ninety days. Company insiders own 2.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RBC shares. Morgan Stanley raised their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 4th. KeyCorp raised their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Finally, Truist Financial boosted their price target on RBC Bearings from $351.00 to $410.00 and gave the company 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. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $361.20.

RBC Bearings Trading Down 0.8 %

RBC Bearings stock traded down $2.44 during trading on Monday, reaching $306.38. The company had a trading volume of 185,974 shares, compared to its average volume of 158,735. 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 quick ratio of 1.18 and a current ratio of 3.43. The stock's 50 day moving average price is $345.86 and its two-hundred day moving average price is $320.74. The firm has a market capitalization of $9.62 billion, a price-to-earnings ratio of 42.14, a PEG 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.