Loomis Sayles & Co. L P Cuts Stake in RBC Bearings Incorporated (NYSE:RBC)

Loomis Sayles & Co. L P trimmed its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 2.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 275,194 shares of the industrial products company's stock after selling 8,243 shares during the period. Loomis Sayles & Co. L P owned about 0.88% of RBC Bearings worth $82,322,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RBC. Torray Investment Partners LLC grew its position in RBC Bearings by 0.3% during the fourth 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 during the period. Curated Wealth Partners LLC increased its stake in shares of RBC Bearings by 1.6% during the 4th quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company's stock worth $595,000 after purchasing an additional 32 shares during the last quarter. Argonautica Private Wealth Management Inc. raised its holdings in shares of RBC Bearings by 3.4% in the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company's stock worth $418,000 after purchasing an additional 46 shares during the period. CIBC Asset Management Inc lifted its stake in RBC Bearings by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company's stock valued at $273,000 after purchasing an additional 47 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its stake in RBC Bearings by 6.6% in the fourth 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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Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, Director Michael H. Ambrose sold 400 shares of the stock in a transaction 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 transaction, the director now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Hartnett sold 2,500 shares of the firm's 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 sale, the chief executive officer now owns 320,088 shares in the company, valued at approximately $117,776,379.60. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,900 shares of company stock worth $3,963,031. Insiders own 2.60% of the company's stock.

RBC Bearings Price Performance

RBC Bearings stock traded down $6.81 during midday trading on Monday, hitting $318.80. 81,900 shares of the company's stock were exchanged, compared to its average volume of 155,406. The stock has a 50-day moving average price of $345.26 and a two-hundred day moving average price of $319.51. RBC Bearings Incorporated has a 52-week low of $241.43 and a 52-week high of $372.83. The company has a market cap of $10.01 billion, a P/E ratio of 43.79, a PEG ratio of 4.42 and a beta of 1.72. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43.

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.