Geode Capital Management LLC Acquires 25,268 Shares of RBC Bearings Incorporated (NYSE:RBC)

Geode Capital Management LLC boosted its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 5.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 507,771 shares of the industrial products company's stock after purchasing an additional 25,268 shares during the quarter. Geode Capital Management LLC owned about 1.62% of RBC Bearings worth $151,944,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new stake in shares of RBC Bearings during the 4th quarter worth about $88,184,000. Raymond James Financial Inc. acquired a new stake in RBC Bearings during the fourth quarter worth approximately $71,324,000. Vanguard Group Inc. boosted 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 worth $879,149,000 after acquiring an additional 229,466 shares during the period. Blair William & Co. IL grew its holdings in RBC Bearings by 89.4% in the 4th quarter. Blair William & Co. IL now owns 185,600 shares of the industrial products company's stock valued at $55,520,000 after buying an additional 87,624 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of RBC Bearings by 39.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company's stock valued at $66,247,000 after acquiring an additional 62,706 shares in the last quarter.

RBC Bearings Price Performance

Shares of RBC Bearings stock traded up $7.27 on Friday, reaching $332.52. 167,681 shares of the stock were exchanged, compared to its average volume of 161,261. 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 firm has a market cap of $10.44 billion, a PE ratio of 45.68, a P/E/G ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a one year low of $241.43 and a one year high of $372.83. The firm's 50 day moving average is $343.75 and its 200-day moving average is $321.48.

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Insiders Place Their Bets

In other news, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction 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. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Robert M. Sullivan sold 8,000 shares of RBC Bearings stock in a transaction 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 transaction, the chief financial officer now directly owns 11,382 shares of the company's stock, valued at $4,123,129.50. This represents a 41.28 % decrease in their position. The disclosure for this sale can be found here. Insiders 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.

Analysts Set New Price Targets

RBC has been the subject of a number of recent research reports. KeyCorp boosted their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a report 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 raised their price objective on RBC Bearings from $351.00 to $410.00 and gave the stock a "buy" rating in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, RBC Bearings presently has a consensus rating of "Moderate Buy" and a consensus target price of $361.20.

RBC Bearings Company 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.