Durable Capital Partners LP Has $787.14 Million Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Durable Capital Partners LP grew its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 1.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,631,346 shares of the industrial products company's stock after acquiring an additional 48,287 shares during the quarter. RBC Bearings comprises approximately 6.4% of Durable Capital Partners LP's investment portfolio, making the stock its largest holding. Durable Capital Partners LP owned about 8.38% of RBC Bearings worth $787,141,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Cetera Investment Advisers boosted its stake in shares of RBC Bearings by 2.4% in the fourth quarter. Cetera Investment Advisers now owns 4,234 shares of the industrial products company's stock worth $1,267,000 after buying an additional 99 shares during the last quarter. Captrust Financial Advisors boosted its position in RBC Bearings by 24.8% in the 4th quarter. Captrust Financial Advisors now owns 5,543 shares of the industrial products company's stock worth $1,658,000 after purchasing an additional 1,101 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of RBC Bearings by 32.6% during the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock valued at $159,998,000 after purchasing an additional 131,614 shares in the last quarter. Comerica Bank boosted its holdings in RBC Bearings by 2.5% during the fourth quarter. Comerica Bank now owns 76,377 shares of the industrial products company's stock worth $22,848,000 after buying an additional 1,870 shares in the last quarter. Finally, Northern Trust Corp grew its position in RBC Bearings by 18.2% during the fourth quarter. Northern Trust Corp now owns 276,340 shares of the industrial products company's stock valued at $82,664,000 after buying an additional 42,459 shares during the period.

RBC Bearings Stock Performance

NYSE RBC opened at $341.60 on Wednesday. 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 stock's 50 day simple moving average is $332.14 and its 200-day simple moving average is $326.09. The company has a market cap of $10.73 billion, a PE ratio of 46.92, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66. RBC Bearings Incorporated has a 1-year low of $258.29 and a 1-year high of $372.83.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RBC. KeyCorp raised 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. Truist Financial reduced their target price on RBC Bearings from $410.00 to $375.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Finally, Morgan Stanley increased their target price on RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a research report on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $354.20.

Insider Activity at RBC Bearings

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the firm's stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $362.25, for a total value of $2,898,000.00. Following the transaction, the chief financial officer now directly owns 11,382 shares of the company's stock, valued at $4,123,129.50. This trade represents a 41.28 % decrease in their position. The transaction was disclosed in a document filed 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 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 ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

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.

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