NewEdge Wealth LLC Has $2.89 Million Stock Position in RBC Bearings Incorporated (NYSE:RBC)

NewEdge Wealth LLC trimmed its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 14.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,649 shares of the industrial products company's stock after selling 1,643 shares during the period. NewEdge Wealth LLC's holdings in RBC Bearings were worth $2,886,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund increased its holdings in shares of RBC Bearings by 7.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 6,385 shares of the industrial products company's stock worth $1,910,000 after buying an additional 454 shares in the last quarter. Argonautica Private Wealth Management Inc. grew its position in RBC Bearings by 3.4% during the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company's stock worth $418,000 after acquiring an additional 46 shares during the last quarter. Amalgamated Bank increased its holdings in RBC Bearings by 7.6% during the 4th quarter. Amalgamated Bank now owns 14,731 shares of the industrial products company's stock valued at $4,407,000 after purchasing an additional 1,038 shares in the last quarter. Bank of New York Mellon Corp raised its position in RBC Bearings by 0.6% in the 4th quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company's stock valued at $59,581,000 after purchasing an additional 1,103 shares during the last quarter. Finally, Arcadia Investment Management Corp MI boosted its stake in RBC Bearings by 41.0% in the fourth quarter. Arcadia Investment Management Corp MI now owns 1,409 shares of the industrial products company's stock worth $421,000 after purchasing an additional 410 shares in the last quarter.

RBC Bearings Trading Down 0.5 %

NYSE:RBC traded down $1.90 during mid-day trading on Tuesday, hitting $354.05. The company had a trading volume of 58,388 shares, compared to its average volume of 143,887. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. RBC Bearings Incorporated has a fifty-two week low of $241.43 and a fifty-two week high of $372.83. The firm has a market cap of $11.12 billion, a P/E ratio of 48.59, a P/E/G ratio of 4.42 and a beta of 1.58. The business's fifty day moving average is $331.01 and its two-hundred day moving average is $312.92.

Insiders Place Their Bets

In related news, CEO Michael J. Hartnett sold 2,500 shares of the business's stock in a transaction 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 of the company's stock, valued at approximately $117,776,379.60. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Robert M. Sullivan sold 8,000 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 11,382 shares of the company's stock, valued at approximately $4,123,129.50. The trade was a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,900 shares of company stock worth $3,963,031. Corporate insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. William Blair reaffirmed an "outperform" rating on shares of RBC Bearings in a report on Tuesday, November 26th. KeyCorp boosted their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Bank of America lowered shares of RBC Bearings from a "buy" rating to a "neutral" rating and upped their target price for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Truist Financial raised their price target on shares of RBC Bearings from $351.00 to $410.00 and gave the company a "buy" rating in a report on Monday, February 3rd. Finally, Morgan Stanley upped their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $361.20.

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.