RBC Bearings Incorporated (NYSE:RBC) Shares Purchased by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. grew its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 14.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,186 shares of the industrial products company's stock after acquiring an additional 2,418 shares during the period. Oppenheimer Asset Management Inc. owned about 0.06% of RBC Bearings worth $5,739,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. R Squared Ltd purchased a new stake in RBC Bearings in the 4th quarter valued at approximately $30,000. Golden State Wealth Management LLC acquired a new stake in shares of RBC Bearings in the 4th quarter valued at approximately $38,000. UMB Bank n.a. boosted its stake in shares of RBC Bearings by 84.9% in the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company's stock valued at $51,000 after buying an additional 79 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of RBC Bearings in the fourth quarter valued at approximately $82,000. Finally, Quarry LP grew its holdings in RBC Bearings by 1,003.7% during the third quarter. Quarry LP now owns 298 shares of the industrial products company's stock worth $89,000 after acquiring an additional 271 shares during the period.

Analyst Upgrades and Downgrades

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

RBC Bearings Price Performance

RBC traded down $1.90 during midday trading on Tuesday, reaching $354.05. 58,388 shares of the company's stock were exchanged, compared to its average volume of 143,887. The business's 50-day moving average price is $331.01 and its 200 day moving average price is $312.92. The stock has a market capitalization of $11.12 billion, a PE ratio of 48.59, a P/E/G ratio of 4.42 and a beta of 1.58. RBC Bearings Incorporated has a 1-year low of $241.43 and a 1-year high of $372.83. 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 Buying and Selling

In related news, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction of $919,875.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the transaction, the director now owns 6,728 shares in the company, valued at approximately $2,441,523.92. This trade represents a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,900 shares of company stock worth $3,963,031 in the last ninety days. Insiders own 2.60% of the company's stock.

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.