5,800 Shares in RBC Bearings Incorporated (NYSE:RBC) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 5,800 shares of the industrial products company's stock, valued at approximately $1,735,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Jane Street Group LLC increased its stake in RBC Bearings by 18.5% during the 3rd quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company's stock valued at $4,951,000 after purchasing an additional 2,584 shares in the last quarter. Holocene Advisors LP increased its position in shares of RBC Bearings by 69.4% in the 3rd quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company's stock valued at $3,711,000 after acquiring an additional 5,078 shares during the period. State Street Corp raised its stake in RBC Bearings by 2.4% in the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company's stock worth $253,028,000 after acquiring an additional 19,962 shares during the last quarter. Citigroup Inc. lifted its position in RBC Bearings by 7.0% during the 3rd quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company's stock worth $8,130,000 after acquiring an additional 1,770 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in RBC Bearings by 0.6% during the 4th quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company's stock worth $59,581,000 after acquiring an additional 1,103 shares during the period.

Analyst Upgrades and Downgrades

RBC has been the topic of a number of research reports. Truist Financial increased their price objective on RBC Bearings from $351.00 to $410.00 and gave the company a "buy" rating in a report on Monday, February 3rd. KeyCorp raised their price target 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, Morgan Stanley lifted their price objective on shares of RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a research note on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $361.20.

RBC Bearings Stock Performance

RBC stock traded up $3.94 during trading on Wednesday, hitting $336.87. 142,437 shares of the company traded hands, compared to its average volume of 157,127. RBC Bearings Incorporated has a 1 year low of $241.43 and a 1 year high of $372.83. The company has a market cap of $10.58 billion, a PE ratio of 46.27, a P/E/G ratio of 4.42 and a beta of 1.72. The stock's 50-day simple moving average is $345.94 and its 200 day simple moving average is $320.20. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

Insider Transactions at RBC Bearings

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the firm's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total value of $2,898,000.00. Following the sale, the chief financial officer now directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the transaction, the director now directly owns 6,728 shares of the company's stock, valued at approximately $2,441,523.92. The trade was a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,900 shares of company stock valued at $3,963,031 in the last 90 days. 2.60% of the stock is currently owned by company insiders.

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.