Fred Alger Management LLC Sells 45,854 Shares of RBC Bearings Incorporated (NYSE:RBC)

Fred Alger Management LLC trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 17.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 218,937 shares of the industrial products company's stock after selling 45,854 shares during the period. Fred Alger Management LLC owned approximately 0.70% of RBC Bearings worth $65,493,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. R Squared Ltd bought a new position in RBC Bearings during the fourth quarter worth about $30,000. Golden State Wealth Management LLC bought a new position in shares of RBC Bearings during the 4th quarter worth approximately $38,000. UMB Bank n.a. boosted its stake in RBC Bearings by 84.9% in the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company's stock valued at $51,000 after buying an additional 79 shares in the last quarter. Harbor Investment Advisory LLC acquired a new stake in RBC Bearings in the 4th quarter valued at $82,000. Finally, Quarry LP grew its position in RBC Bearings by 30.9% in the fourth quarter. Quarry LP now owns 390 shares of the industrial products company's stock valued at $117,000 after acquiring an additional 92 shares during the period.

RBC Bearings Price Performance

NYSE:RBC traded up $15.49 during mid-day trading on Monday, reaching $364.74. 226,707 shares of the company were exchanged, compared to its average volume of 160,105. RBC Bearings Incorporated has a 12 month low of $260.53 and a 12 month high of $372.83. The stock has a market cap of $11.46 billion, a PE ratio of 50.10, a PEG ratio of 4.42 and a beta of 1.66. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The company has a fifty day moving average of $331.67 and a 200 day moving average of $327.63.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Morgan Stanley upped their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a 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 note on Monday, February 3rd. Finally, Truist Financial cut their target price on shares of RBC Bearings from $410.00 to $375.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $354.20.

Insider Activity

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the business's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,382 shares of the company's stock, valued at approximately $4,123,129.50. The trade was a 41.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.60% of the stock is owned by insiders.

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.