NewEdge Advisors LLC Trims Holdings in RBC Bearings Incorporated (NYSE:RBC)

NewEdge Advisors LLC lowered its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 57.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,660 shares of the industrial products company's stock after selling 3,551 shares during the period. NewEdge Advisors LLC's holdings in RBC Bearings were worth $796,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RBC. R Squared Ltd purchased a new position in RBC Bearings in the 4th quarter valued at $30,000. Golden State Wealth Management LLC purchased a new position in RBC Bearings in the 4th quarter valued at $38,000. UMB Bank n.a. raised its holdings in shares of RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company's stock worth $51,000 after acquiring an additional 79 shares during the period. Harbor Investment Advisory LLC purchased a new position in shares of RBC Bearings during the 4th quarter worth $82,000. Finally, Venturi Wealth Management LLC raised its holdings in shares of RBC Bearings by 2,405.3% during the 4th quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company's stock worth $142,000 after acquiring an additional 457 shares during the period.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Truist Financial reduced their price target on RBC Bearings from $410.00 to $375.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. KeyCorp raised their price objective on 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 raised their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $354.20.

Insider Transactions at RBC Bearings

In related news, CFO Robert M. Sullivan sold 8,000 shares of the business'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 transaction of $2,898,000.00. Following the completion of the sale, the chief financial officer now owns 11,382 shares in the company, valued at $4,123,129.50. The trade was a 41.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 2,500 shares of the business's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total value of $919,875.00. Following the sale, the chief executive officer now owns 320,088 shares of the company's stock, valued at approximately $117,776,379.60. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings Stock Down 0.7 %

Shares of RBC Bearings stock traded down $2.39 on Monday, reaching $324.74. 218,827 shares of the company were exchanged, compared to its average volume of 161,836. RBC Bearings Incorporated has a 1-year low of $243.50 and a 1-year high of $372.83. The company has a market cap of $10.20 billion, a P/E ratio of 44.61, a price-to-earnings-growth ratio of 4.42 and a beta of 1.60. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The stock's 50 day moving average price is $334.85 and its 200-day moving average price is $324.26.

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.