JPMorgan Chase & Co. Sells 6,826 Shares of RBC Bearings Incorporated (NYSE:RBC)

JPMorgan Chase & Co. trimmed its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 1.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 408,675 shares of the industrial products company's stock after selling 6,826 shares during the period. JPMorgan Chase & Co. owned about 1.30% of RBC Bearings worth $122,251,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of RBC. R Squared Ltd acquired a new stake in shares of RBC Bearings during the 4th quarter worth about $30,000. Golden State Wealth Management LLC acquired a new stake in shares of RBC Bearings during the fourth quarter worth approximately $38,000. UMB Bank n.a. raised its stake in shares of RBC Bearings by 84.9% in the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company's stock valued at $51,000 after acquiring an additional 79 shares during the last quarter. Harbor Investment Advisory LLC bought a new position in shares of RBC Bearings in the fourth quarter valued at approximately $82,000. Finally, Quarry LP grew its position in RBC Bearings by 1,003.7% during the 3rd quarter. Quarry LP now owns 298 shares of the industrial products company's stock worth $89,000 after acquiring an additional 271 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research firms have commented on RBC. Truist Financial boosted 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. Morgan Stanley upped their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 4th. Finally, KeyCorp raised their price objective 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 investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $361.20.

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Insider Buying and Selling

In related news, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the sale, the chief executive officer now directly owns 320,088 shares in the company, valued at $117,776,379.60. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Robert M. Sullivan sold 8,000 shares of RBC Bearings 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 transaction, the chief financial officer now directly owns 11,382 shares in the company, valued at $4,123,129.50. The trade was 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 over the last ninety days. Insiders own 2.60% of the company's stock.

RBC Bearings Trading Down 5.9 %

Shares of RBC traded down $19.84 during trading hours on Thursday, hitting $317.15. 163,312 shares of the stock traded hands, compared to its average volume of 157,146. The business has a fifty day moving average of $345.97 and a 200-day moving average of $320.18. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $9.96 billion, a PE ratio of 43.56, a price-to-earnings-growth ratio of 4.42 and a beta of 1.72. RBC Bearings Incorporated has a 1-year low of $241.43 and a 1-year high of $372.83.

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.