Legal & General Group Plc Sells 1,725 Shares of RBC Bearings Incorporated (NYSE:RBC)

Legal & General Group Plc decreased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 3.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,521 shares of the industrial products company's stock after selling 1,725 shares during the period. Legal & General Group Plc owned about 0.14% of RBC Bearings worth $13,318,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of RBC. Vanguard Group Inc. grew its position in shares of RBC Bearings by 8.5% during the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock valued at $879,149,000 after buying an additional 229,466 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of RBC Bearings by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company's stock valued at $151,944,000 after purchasing an additional 25,268 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of RBC Bearings by 6.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 316,240 shares of the industrial products company's stock worth $94,600,000 after purchasing an additional 20,229 shares during the period. Norges Bank bought a new stake in shares of RBC Bearings in the 4th quarter worth approximately $88,184,000. Finally, American Century Companies Inc. boosted its position in RBC Bearings by 22.4% during the 4th quarter. American Century Companies Inc. now owns 252,905 shares of the industrial products company's stock valued at $75,654,000 after purchasing an additional 46,270 shares during the period.

Wall Street Analyst Weigh In

RBC has been the subject of several recent research reports. KeyCorp upped their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Morgan Stanley boosted their price target on RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 4th. Finally, Truist Financial reduced their price objective on shares of RBC Bearings from $410.00 to $375.00 and set a "buy" rating for the company in a report on Thursday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $354.20.

RBC Bearings Stock Down 2.1 %

RBC traded down $6.85 on Monday, reaching $314.84. 3,361 shares of the company traded hands, compared to its average volume of 161,223. The company has a market cap of $9.89 billion, a price-to-earnings ratio of 43.38, 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. The stock's 50 day moving average price is $339.89 and its 200-day moving average price is $322.60. RBC Bearings Incorporated has a 52-week low of $241.43 and a 52-week high of $372.83.

Insider Activity

In related news, CFO Robert M. Sullivan sold 8,000 shares of the firm'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 transaction, the chief financial officer now owns 11,382 shares of the company's stock, valued at approximately $4,123,129.50. This trade represents a 41.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total transaction of $145,156.00. Following 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 10,900 shares of company stock worth $3,963,031 in the last ninety days. Corporate 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.