Norges Bank Acquires Shares of 294,791 RBC Bearings Incorporated (NYSE:RBC)

Norges Bank purchased a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 294,791 shares of the industrial products company's stock, valued at approximately $88,184,000. Norges Bank owned about 0.94% of RBC Bearings as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in RBC Bearings by 8.5% in the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock worth $879,149,000 after acquiring an additional 229,466 shares during the last quarter. State Street Corp raised its position in shares of RBC Bearings by 2.4% during the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company's stock worth $253,028,000 after purchasing an additional 19,962 shares during the period. Geode Capital Management LLC lifted its holdings in shares of RBC Bearings by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company's stock worth $144,490,000 after purchasing an additional 5,040 shares during the last quarter. Port Capital LLC boosted its position in RBC Bearings by 0.9% during the 3rd quarter. Port Capital LLC now owns 385,101 shares of the industrial products company's stock valued at $115,292,000 after purchasing an additional 3,525 shares during the period. Finally, Maren Capital LLC increased its position in RBC Bearings by 3.8% in the third quarter. Maren Capital LLC now owns 379,113 shares of the industrial products company's stock worth $113,499,000 after buying an additional 13,812 shares during the period.

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Analysts Set New Price Targets

Several equities analysts have recently issued reports on RBC shares. Morgan Stanley boosted their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a report on Tuesday, February 4th. KeyCorp boosted their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Finally, 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 research note 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, RBC Bearings has an average rating of "Moderate Buy" and a consensus target price of $361.20.

RBC Bearings Price Performance

Shares of RBC Bearings stock traded down $1.49 during trading on Monday, hitting $307.33. The stock had a trading volume of 352,684 shares, compared to its average volume of 159,375. The business has a fifty day moving average of $345.73 and a two-hundred day moving average of $320.79. 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 $9.65 billion, a P/E ratio of 42.22, a PEG 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.

Insiders Place Their Bets

In related news, Director Michael H. Ambrose sold 400 shares of the business's stock in a transaction that occurred 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 sale, the director now directly owns 6,728 shares in the company, valued at $2,441,523.92. The trade was a 5.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $362.25, for a total transaction 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 represents a 41.28 % decrease in their ownership of the stock. 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. 2.60% of the stock is owned by corporate 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.