Picton Mahoney Asset Management Lowers Position in RBC Bearings Incorporated (NYSE:RBC)

Picton Mahoney Asset Management decreased its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 2.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,526 shares of the industrial products company's stock after selling 1,115 shares during the period. Picton Mahoney Asset Management owned about 0.15% of RBC Bearings worth $13,919,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Impact Capital Partners LLC purchased a new stake in shares of RBC Bearings in the fourth quarter valued at about $618,000. Swiss National Bank lifted its stake in shares of RBC Bearings by 1.3% in the fourth quarter. Swiss National Bank now owns 54,590 shares of the industrial products company's stock valued at $16,330,000 after purchasing an additional 700 shares during the period. Avantax Advisory Services Inc. lifted its stake in shares of RBC Bearings by 1.3% in the fourth quarter. Avantax Advisory Services Inc. now owns 6,677 shares of the industrial products company's stock valued at $1,997,000 after purchasing an additional 84 shares during the period. Securian Asset Management Inc. lifted its stake in shares of RBC Bearings by 4.5% in the fourth quarter. Securian Asset Management Inc. now owns 2,361 shares of the industrial products company's stock valued at $706,000 after purchasing an additional 101 shares during the period. Finally, HighTower Advisors LLC lifted its stake in shares of RBC Bearings by 2.5% in the fourth quarter. HighTower Advisors LLC now owns 8,376 shares of the industrial products company's stock valued at $2,505,000 after purchasing an additional 206 shares during the period.

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RBC Bearings Price Performance

RBC traded up $2.74 during midday trading on Wednesday, reaching $338.15. 135,339 shares of the company's stock were exchanged, compared to its average volume of 149,374. 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 has a market capitalization of $10.62 billion, a PE ratio of 46.45, a P/E/G ratio of 4.42 and a beta of 1.72. The business's 50-day moving average price is $340.49 and its 200 day moving average price is $316.90. RBC Bearings Incorporated has a 1-year low of $241.43 and a 1-year high of $372.83.

Wall Street Analyst Weigh In

Several analysts recently commented on RBC shares. William Blair reiterated an "outperform" rating on shares of RBC Bearings in a research note on Tuesday, November 26th. KeyCorp raised their price objective 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. Truist Financial raised their price objective 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. Bank of America cut shares of RBC Bearings from a "buy" rating to a "neutral" rating and raised their price objective for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, Morgan Stanley lifted their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $361.20.

Insider Activity

In other 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 completion of the transaction, the director now owns 6,728 shares of the company's stock, valued at $2,441,523.92. The trade was a 5.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Robert M. Sullivan sold 8,000 shares of the business's 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 10,900 shares of company stock valued at $3,963,031 over the last 90 days. Insiders own 2.60% of the company's stock.

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.