Hsbc Holdings PLC Takes $1.34 Million Position in RBC Bearings Incorporated (NYSE:RBC)

Hsbc Holdings PLC bought a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,506 shares of the industrial products company's stock, valued at approximately $1,339,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RBC. R Squared Ltd purchased a new stake in shares of RBC Bearings in the 4th quarter worth $30,000. Golden State Wealth Management LLC bought a new position in shares of RBC Bearings in the fourth quarter worth about $38,000. UMB Bank n.a. grew its stake in shares of RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company's stock valued at $51,000 after acquiring an additional 79 shares during the period. Harbor Investment Advisory LLC purchased a new stake in RBC Bearings in the 4th quarter worth approximately $82,000. Finally, Venturi Wealth Management LLC raised its stake in RBC Bearings by 2,405.3% during the 4th quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company's stock worth $142,000 after acquiring an additional 457 shares during the period.

RBC Bearings Price Performance

Shares of RBC Bearings stock traded up $3.13 during trading hours on Thursday, reaching $345.33. The company's stock had a trading volume of 11,064 shares, compared to its average volume of 159,645. The firm has a 50 day moving average price of $331.80 and a 200-day moving average price of $326.20. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. RBC Bearings Incorporated has a one year low of $259.88 and a one year high of $372.83. The stock has a market cap of $10.85 billion, a P/E ratio of 47.44, a P/E/G ratio of 4.42 and a beta of 1.66.

Insider Buying and Selling

In related 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 value of $2,898,000.00. Following the sale, the chief financial officer now directly owns 11,382 shares of the company's stock, 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 SEC, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RBC shares. Morgan Stanley increased 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. Truist Financial cut their price target 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, KeyCorp boosted their price objective 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 equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $354.20.

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.