Strategic Financial Concepts LLC Invests $7.79 Million in RBC Bearings Incorporated (NYSE:RBC)

Strategic Financial Concepts LLC bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 26,025 shares of the industrial products company's stock, valued at approximately $7,785,000. Strategic Financial Concepts LLC owned approximately 0.08% of RBC Bearings at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Jennison Associates LLC lifted its position in shares of RBC Bearings by 170.2% during the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company's stock worth $35,399,000 after purchasing an additional 74,474 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in RBC Bearings during the 3rd quarter worth approximately $20,657,000. Allspring Global Investments Holdings LLC boosted its position in RBC Bearings by 39.3% in 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 period. Champlain Investment Partners LLC grew its stake in shares of RBC Bearings by 12.6% in the third quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company's stock worth $109,290,000 after acquiring an additional 40,724 shares in the last quarter. Finally, Douglas Lane & Associates LLC increased its position in shares of RBC Bearings by 17.0% during the fourth quarter. Douglas Lane & Associates LLC now owns 147,452 shares of the industrial products company's stock worth $44,109,000 after acquiring an additional 21,379 shares during the period.

Insider Activity

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the sale, the chief financial officer now directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the chief executive officer now owns 320,088 shares of the company's stock, valued at $117,776,379.60. This trade represents a 0.77 % decrease in their position. 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 ninety days. 2.60% of the stock is currently owned by company insiders.

RBC Bearings Stock Up 0.3 %

RBC traded up $0.93 on Wednesday, reaching $370.54. The company's stock had a trading volume of 96,264 shares, compared to its average volume of 152,686. The company has a market capitalization of $11.64 billion, a price-to-earnings ratio of 50.90, a P/E/G ratio of 4.89 and a beta of 1.58. RBC Bearings Incorporated has a fifty-two week low of $241.43 and a fifty-two week high of $372.83. 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 stock has a 50 day moving average of $324.36 and a two-hundred day moving average of $308.16.

Analysts Set New Price Targets

A number of research firms recently issued reports on RBC. Morgan Stanley lifted their target price on RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a report on Tuesday, February 4th. Truist Financial boosted their price objective on RBC Bearings from $351.00 to $410.00 and gave the stock a "buy" rating in a research report on Monday, February 3rd. Bank of America cut shares of RBC Bearings from a "buy" rating to a "neutral" rating and raised their target price for the company from $330.00 to $335.00 in a report on Thursday, November 21st. William Blair reiterated an "outperform" rating on shares of RBC Bearings in a report on Tuesday, November 26th. Finally, KeyCorp increased their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $361.20.

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.