Hsbc Holdings PLC Purchases New Stake in RBC Bearings Incorporated (NYSE:RBC)

Hsbc Holdings PLC acquired a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 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 bought and sold shares of the business. Tower Research Capital LLC TRC increased its holdings in shares of RBC Bearings by 45.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,452 shares of the industrial products company's stock valued at $434,000 after purchasing an additional 451 shares in the last quarter. MetLife Investment Management LLC grew its position in RBC Bearings by 17.0% during the fourth quarter. MetLife Investment Management LLC now owns 17,559 shares of the industrial products company's stock worth $5,253,000 after buying an additional 2,552 shares during the period. Curi RMB Capital LLC increased its holdings in RBC Bearings by 1.8% in the fourth quarter. Curi RMB Capital LLC now owns 52,830 shares of the industrial products company's stock valued at $15,804,000 after buying an additional 925 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of RBC Bearings by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 358,438 shares of the industrial products company's stock valued at $107,221,000 after acquiring an additional 6,667 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of RBC Bearings by 63.5% during the 4th quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company's stock worth $94,427,000 after acquiring an additional 122,552 shares in the last quarter.

Wall Street Analyst Weigh In

RBC has been the subject of several research reports. Morgan Stanley lifted their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a report 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 increased their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, RBC Bearings has a consensus rating of "Moderate Buy" and an average target price of $354.20.

Insider Activity

In related news, CFO Robert M. Sullivan sold 8,000 shares of the company's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total value of $2,898,000.00. Following the completion of the transaction, the chief financial officer now directly owns 11,382 shares in the company, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the transaction, the director now owns 6,728 shares in the company, valued at $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 sold a total of 10,900 shares of company stock valued at $3,963,031 over the last 90 days. Insiders own 2.60% of the company's stock.

RBC Bearings Trading Up 3.1 %

Shares of RBC stock opened at $344.22 on Friday. The company has a market capitalization of $10.81 billion, a price-to-earnings ratio of 47.28, a PEG ratio of 4.42 and a beta of 1.60. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $332.74 and a 200 day moving average price of $325.11. RBC Bearings Incorporated has a twelve month low of $249.30 and a twelve month high of $372.83.

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.

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