Price T Rowe Associates Inc. MD Sells 241,873 Shares of RBC Bearings Incorporated (NYSE:RBC)

Price T Rowe Associates Inc. MD decreased its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 11.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,905,568 shares of the industrial products company's stock after selling 241,873 shares during the period. Price T Rowe Associates Inc. MD owned about 6.07% of RBC Bearings worth $570,033,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. R Squared Ltd acquired a new position in RBC Bearings during the fourth quarter valued at $30,000. Golden State Wealth Management LLC acquired a new position in shares of RBC Bearings in the 4th quarter valued at about $38,000. UMB Bank n.a. lifted its position 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 worth $51,000 after purchasing an additional 79 shares in the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of RBC Bearings during the fourth quarter worth approximately $82,000. Finally, Venturi Wealth Management LLC boosted its holdings in shares of RBC Bearings by 2,405.3% during the fourth quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company's stock worth $142,000 after purchasing an additional 457 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RBC. Truist Financial cut their target price on shares of RBC Bearings from $410.00 to $375.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. KeyCorp increased their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, Morgan Stanley lifted their price objective on RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a research report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $354.20.

Insider Transactions at RBC Bearings

In related news, CFO Robert M. Sullivan sold 8,000 shares of the company's stock in a transaction dated 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 in the company, valued at $4,123,129.50. This represents a 41.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the business's stock in a transaction dated Wednesday, February 5th. The stock was 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 directly owns 6,728 shares of the company's stock, valued at approximately $2,441,523.92. This represents a 5.61 % 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 valued at $3,963,031 in the last three months. 2.60% of the stock is owned by corporate insiders.

RBC Bearings Price Performance

Shares of NYSE RBC traded down $2.39 during midday trading on Monday, reaching $324.74. 218,827 shares of the company traded hands, compared to its average volume of 161,836. The firm has a market cap of $10.20 billion, a PE ratio of 44.61, a PEG ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a 12 month low of $243.50 and a 12 month 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. The stock's 50-day simple moving average is $335.77 and its 200-day simple moving average is $323.96.

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.