RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC reduced its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 43.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,900 shares of the industrial products company's stock after selling 32,000 shares during the period. Renaissance Technologies LLC owned 0.13% of RBC Bearings worth $12,534,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Jane Street Group LLC raised its stake in RBC Bearings by 18.5% during the 3rd quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company's stock valued at $4,951,000 after acquiring an additional 2,584 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of RBC Bearings by 0.6% in the fourth quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company's stock valued at $59,581,000 after purchasing an additional 1,103 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of RBC Bearings by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company's stock worth $144,490,000 after purchasing an additional 5,040 shares in the last quarter. GAMMA Investing LLC lifted its stake in RBC Bearings by 17.5% in the 4th quarter. GAMMA Investing LLC now owns 517 shares of the industrial products company's stock valued at $155,000 after buying an additional 77 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in RBC Bearings by 39.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company's stock valued at $66,247,000 after buying an additional 62,706 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. KeyCorp increased their price objective on 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 cut their price target on RBC Bearings from $410.00 to $375.00 and set a "buy" rating for the company in a report on Thursday. Finally, Morgan Stanley upped their target price on RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a research note on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $354.20.

RBC Bearings Stock Down 2.1 %

Shares of RBC Bearings stock traded down $6.85 on Monday, hitting $314.84. 3,361 shares of the company's stock traded hands, compared to its average volume of 161,223. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The firm's 50-day moving average is $339.89 and its 200 day moving average is $322.60. The stock has a market cap of $9.89 billion, a P/E ratio of 43.38, a PEG ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a 52-week low of $241.43 and a 52-week high of $372.83.

Insider Activity

In other 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 completion of the transaction, the chief financial officer now owns 11,382 shares in the company, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the stock in a transaction dated 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 transaction, 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. In the last ninety days, insiders sold 10,900 shares of company stock worth $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.