Wealthfront Advisers LLC Buys New Position in RBC Bearings Incorporated (NYSE:RBC)

Wealthfront Advisers LLC acquired a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 6,068 shares of the industrial products company's stock, valued at approximately $1,815,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jane Street Group LLC boosted its position in RBC Bearings by 18.5% during the third quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company's stock worth $4,951,000 after purchasing an additional 2,584 shares during the period. Segall Bryant & Hamill LLC boosted its position in shares of RBC Bearings by 41.6% in the third quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company's stock valued at $8,896,000 after acquiring an additional 8,725 shares during the period. Holocene Advisors LP boosted its position in shares of RBC Bearings by 69.4% in the third quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company's stock valued at $3,711,000 after acquiring an additional 5,078 shares during the period. State Street Corp lifted its position in RBC Bearings by 2.4% during the third quarter. State Street Corp now owns 845,175 shares of the industrial products company's stock worth $253,028,000 after purchasing an additional 19,962 shares during the period. Finally, Citigroup Inc. lifted its position in RBC Bearings by 7.0% during the third quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company's stock worth $8,130,000 after purchasing an additional 1,770 shares during the period.

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Insider Activity

In other news, Director Michael H. Ambrose sold 400 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Hartnett sold 2,500 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the transaction, the chief executive officer now directly owns 320,088 shares of the company's stock, valued at $117,776,379.60. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,900 shares of company stock valued at $3,963,031 over the last quarter. 2.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RBC has been the subject of several recent analyst reports. Morgan Stanley upped their price objective on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 4th. KeyCorp upped their price objective 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. Truist Financial upped their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a "buy" rating in a research report on Monday, February 3rd. William Blair reaffirmed an "outperform" rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Finally, Bank of America downgraded RBC Bearings from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $361.20.

RBC Bearings Price Performance

NYSE RBC traded up $2.74 during trading on Wednesday, hitting $338.15. 135,265 shares of the company's stock were exchanged, compared to its average volume of 149,374. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The company has a market cap of $10.62 billion, a PE ratio of 46.45, a P/E/G ratio of 4.42 and a beta of 1.72. RBC Bearings Incorporated has a fifty-two week low of $241.43 and a fifty-two week high of $372.83. The stock's 50 day moving average price is $340.49 and its two-hundred day moving average price is $316.90.

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.