Bank of New York Mellon Corp Grows Stake in RBC Bearings Incorporated (NYSE:RBC)

Bank of New York Mellon Corp lifted its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 0.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 199,174 shares of the industrial products company's stock after purchasing an additional 1,103 shares during the quarter. Bank of New York Mellon Corp owned 0.63% of RBC Bearings worth $59,581,000 as of its most recent SEC filing.

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

RBC Bearings Trading Down 1.2 %

Shares of RBC Bearings stock traded down $4.24 during midday trading on Thursday, reaching $351.80. The company had a trading volume of 35,235 shares, compared to its average volume of 141,929. The stock has a fifty day moving average price of $331.92 and a 200 day moving average price of $313.38. 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 $11.05 billion, a PE ratio of 48.46, a P/E/G ratio of 4.42 and a beta of 1.72. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Truist Financial upped their price target on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. KeyCorp increased their target price on RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. William Blair restated an "outperform" rating on shares of RBC Bearings in a report on Tuesday, November 26th. Morgan Stanley raised their price objective 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. Finally, 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 report on Thursday, November 21st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $361.20.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction of $919,875.00. Following the transaction, the chief executive officer now directly owns 320,088 shares in the company, valued at approximately $117,776,379.60. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction on 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 sale, the director now owns 6,728 shares of the company's stock, valued at $2,441,523.92. This represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is currently owned by 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.