CANADA LIFE ASSURANCE Co Boosts Stock Position in RBC Bearings Incorporated (NYSE:RBC)

CANADA LIFE ASSURANCE Co boosted its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 6.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,500 shares of the industrial products company's stock after buying an additional 1,204 shares during the quarter. CANADA LIFE ASSURANCE Co owned approximately 0.07% of RBC Bearings worth $6,132,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Torray Investment Partners LLC raised its holdings in RBC Bearings by 0.3% in the fourth quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company's stock worth $2,533,000 after purchasing an additional 28 shares in the last quarter. Curated Wealth Partners LLC boosted its stake in RBC Bearings by 1.6% in the fourth quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company's stock valued at $595,000 after acquiring an additional 32 shares in the last quarter. Townsquare Capital LLC increased its position in shares of RBC Bearings by 0.6% during the fourth quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company's stock worth $1,694,000 after purchasing an additional 36 shares in the last quarter. Argonautica Private Wealth Management Inc. boosted its position in shares of RBC Bearings by 3.4% in the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company's stock worth $418,000 after purchasing an additional 46 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in RBC Bearings by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company's stock worth $273,000 after buying an additional 47 shares during the last quarter.

Insider Transactions at RBC Bearings

In related 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 $4,123,129.50. This represents a 41.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the business'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 sale, the director now owns 6,728 shares of the company's stock, valued at approximately $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. Insiders have sold 10,900 shares of company stock valued at $3,963,031 in the last 90 days. 2.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RBC. Truist Financial cut their price objective on shares of RBC Bearings from $410.00 to $375.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Morgan Stanley lifted their price objective on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 4th. Finally, KeyCorp upped their target price on 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 issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $354.20.

RBC Bearings Stock Performance

Shares of RBC stock traded up $2.98 on Tuesday, hitting $327.73. The company had a trading volume of 14,720 shares, compared to its average volume of 161,262. The firm has a market cap of $10.29 billion, a P/E ratio of 45.05, a price-to-earnings-growth ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a twelve month low of $243.50 and a twelve month high of $372.83. The company has a 50-day moving average price of $334.85 and a 200-day moving average price of $324.26. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34.

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.