Ensign Peak Advisors Inc Lowers Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Ensign Peak Advisors Inc decreased its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 12.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,452 shares of the industrial products company's stock after selling 5,988 shares during the period. Ensign Peak Advisors Inc owned about 0.13% of RBC Bearings worth $12,400,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in 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 worth $879,149,000 after acquiring an additional 229,466 shares in the last quarter. Durable Capital Partners LP increased its holdings in shares of RBC Bearings by 1.9% in the 4th quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company's stock valued at $787,141,000 after purchasing an additional 48,287 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of RBC Bearings by 0.3% in the fourth 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 purchasing an additional 2,884 shares during the period. Ameriprise Financial Inc. boosted its holdings in RBC Bearings by 32.6% during the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock worth $159,998,000 after buying an additional 131,614 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in RBC Bearings by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company's stock worth $151,944,000 after buying an additional 25,268 shares during the period.

RBC Bearings Price Performance

RBC Bearings stock traded up $2.21 during midday trading on Thursday, reaching $366.67. 219,763 shares of the company were exchanged, compared to its average volume of 160,565. The firm's 50-day simple moving average is $332.50 and its 200-day simple moving average is $328.71. RBC Bearings Incorporated has a 1 year low of $260.53 and a 1 year high of $385.00. The company has a market capitalization of $11.52 billion, a price-to-earnings ratio of 50.37, a P/E/G ratio of 4.42 and a beta of 1.66. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RBC. Truist Financial dropped their price target on 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 raised their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a report on Tuesday, February 4th. Finally, KeyCorp upped their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $354.20.

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.