RiverPark Advisors LLC Reduces Holdings in RBC Bearings Incorporated (NYSE:RBC)

RiverPark Advisors LLC lessened its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 87.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 190 shares of the industrial products company's stock after selling 1,286 shares during the period. RiverPark Advisors LLC's holdings in RBC Bearings were worth $60,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. increased its position in shares of RBC Bearings by 0.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company's stock valued at $328,253,000 after purchasing an additional 2,884 shares during the last quarter. Greenhouse Funds LLLP grew its position in RBC Bearings by 17.6% during the fourth quarter. Greenhouse Funds LLLP now owns 155,885 shares of the industrial products company's stock valued at $46,631,000 after buying an additional 23,306 shares during the period. Hsbc Holdings PLC purchased a new stake in RBC Bearings during the fourth quarter worth about $1,339,000. Tower Research Capital LLC TRC raised its position in RBC Bearings by 45.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,452 shares of the industrial products company's stock worth $434,000 after acquiring an additional 451 shares during the period. Finally, MetLife Investment Management LLC boosted its stake in RBC Bearings by 17.0% in the fourth quarter. MetLife Investment Management LLC now owns 17,559 shares of the industrial products company's stock valued at $5,253,000 after acquiring an additional 2,552 shares during the last quarter.

RBC Bearings Price Performance

NYSE:RBC traded down $2.39 during trading hours on Monday, hitting $324.74. 218,827 shares of the company's stock traded hands, compared to its average volume of 161,836. RBC Bearings Incorporated has a 52 week low of $243.50 and a 52 week high of $372.83. The business's fifty day simple moving average is $335.77 and its two-hundred day simple moving average is $323.96. 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 has a market cap of $10.20 billion, a P/E ratio of 44.61, a P/E/G ratio of 4.42 and a beta of 1.60.

Insider Transactions at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 2,500 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the sale, the chief executive officer now owns 320,088 shares of the company's stock, valued at $117,776,379.60. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction that occurred 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 directly owns 6,728 shares in the company, valued at $2,441,523.92. This trade represents a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on RBC. Truist Financial decreased their price target on shares of RBC Bearings from $410.00 to $375.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. KeyCorp boosted their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Finally, Morgan Stanley raised their price target on RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a report 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 company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $354.20.

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.