Bamco Inc. NY Reduces Stake in RBC Bearings Incorporated (NYSE:RBC)

Bamco Inc. NY lessened its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 3.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 322,361 shares of the industrial products company's stock after selling 12,714 shares during the period. Bamco Inc. NY owned about 1.03% of RBC Bearings worth $96,431,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in RBC. Vanguard Group Inc. lifted its holdings in shares of RBC Bearings by 8.5% in the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock valued at $879,149,000 after purchasing an additional 229,466 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in 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 acquiring an additional 2,884 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in RBC Bearings by 32.6% during the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock worth $159,998,000 after acquiring an additional 131,614 shares during the last quarter. Geode Capital Management LLC boosted its holdings in RBC Bearings by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company's stock worth $151,944,000 after acquiring an additional 25,268 shares during the last quarter. Finally, Maren Capital LLC raised its holdings in shares of RBC Bearings by 6.5% in the fourth quarter. Maren Capital LLC now owns 403,803 shares of the industrial products company's stock valued at $120,794,000 after purchasing an additional 24,690 shares during the last quarter.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the 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 $4,123,129.50. This trade represents a 41.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Hartnett sold 2,500 shares of the business'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 transaction of $919,875.00. Following the completion of the sale, the chief executive officer now directly owns 320,088 shares in the company, valued at approximately $117,776,379.60. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,900 shares of company stock valued at $3,963,031. Company insiders own 2.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RBC. Truist Financial reduced their price objective 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. Morgan Stanley upped 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. Finally, KeyCorp lifted their price target on RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $354.20.

RBC Bearings Stock Performance

Shares of RBC Bearings stock traded down $1.20 on Tuesday, reaching $341.60. 102,934 shares of the company traded hands, compared to its average volume of 160,676. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The firm has a market capitalization of $10.73 billion, a PE ratio of 46.92, a PEG ratio of 4.42 and a beta of 1.66. The company has a 50 day moving average of $332.14 and a 200 day moving average of $326.09. RBC Bearings Incorporated has a 52 week low of $258.29 and a 52 week high of $372.83.

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.