Raymond James Financial Inc. Takes Position in RBC Bearings Incorporated (NYSE:RBC)

Raymond James Financial Inc. acquired a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 238,430 shares of the industrial products company's stock, valued at approximately $71,324,000. Raymond James Financial Inc. owned 0.76% of RBC Bearings as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Jane Street Group LLC boosted its stake in shares of RBC Bearings by 18.5% in the third quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company's stock worth $4,951,000 after acquiring an additional 2,584 shares during the period. Segall Bryant & Hamill LLC boosted its stake in RBC Bearings by 41.6% during the third quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company's stock valued at $8,896,000 after buying an additional 8,725 shares during the last quarter. TimesSquare Capital Management LLC boosted its stake in RBC Bearings by 17.3% during the third quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company's stock valued at $27,125,000 after buying an additional 13,395 shares during the last quarter. Holocene Advisors LP boosted its stake in RBC Bearings by 69.4% during the third quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company's stock valued at $3,711,000 after buying an additional 5,078 shares during the last quarter. Finally, State Street Corp boosted its stake in RBC Bearings by 2.4% during the third quarter. State Street Corp now owns 845,175 shares of the industrial products company's stock valued at $253,028,000 after buying an additional 19,962 shares during the last quarter.

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Analyst Ratings Changes

A number of brokerages recently commented on RBC. Truist Financial increased their price target on RBC Bearings from $351.00 to $410.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. Morgan Stanley increased their price target on RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a research note on Tuesday, February 4th. KeyCorp increased their price target on RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. William Blair restated an "outperform" rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Finally, Bank of America downgraded RBC Bearings from a "buy" rating to a "neutral" rating and increased their price target for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $361.20.

RBC Bearings Trading Down 1.4 %

RBC traded down $4.82 during trading on Wednesday, hitting $336.59. 161,267 shares of the stock were exchanged, compared to its average volume of 143,212. The firm has a 50 day simple moving average of $337.45 and a 200 day simple moving average of $315.58. The firm has a market cap of $10.57 billion, a price-to-earnings ratio of 46.24, a P/E/G ratio of 4.42 and a beta of 1.72. 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 quick ratio of 1.18 and a current ratio of 3.43.

Insiders Place Their Bets

In other news, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the transaction, the director now directly owns 6,728 shares in the company, valued at approximately $2,441,523.92. This trade represents a 5.61 % decrease in their position. The sale 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 business's stock in a transaction dated 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 transaction, the chief financial officer now owns 11,382 shares of the company's stock, valued at $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. Insiders have sold 10,900 shares of company stock worth $3,963,031 in the last ninety days. 2.60% of the stock is owned by company insiders.

RBC Bearings 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.