NewEdge Advisors LLC Sells 3,551 Shares of RBC Bearings Incorporated (NYSE:RBC)

NewEdge Advisors LLC cut its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 57.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,660 shares of the industrial products company's stock after selling 3,551 shares during the quarter. NewEdge Advisors LLC's holdings in RBC Bearings were worth $796,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in RBC Bearings by 8.5% during the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock valued at $879,149,000 after acquiring an additional 229,466 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of RBC Bearings by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company's stock valued at $151,944,000 after purchasing an additional 25,268 shares in the last quarter. Maren Capital LLC grew its holdings in shares of RBC Bearings by 6.5% during the 4th quarter. Maren Capital LLC now owns 403,803 shares of the industrial products company's stock valued at $120,794,000 after purchasing an additional 24,690 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in RBC Bearings by 6.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 316,240 shares of the industrial products company's stock worth $94,600,000 after purchasing an additional 20,229 shares during the period. Finally, Norges Bank bought a new stake in RBC Bearings in the fourth quarter worth $88,184,000.

Insiders Place Their Bets

In other news, CEO Michael J. Hartnett sold 2,500 shares of the company's stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the sale, the chief executive officer now directly owns 320,088 shares of the company's stock, valued at $117,776,379.60. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the chief financial officer now directly owns 11,382 shares in the company, valued at $4,123,129.50. The trade was a 41.28 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,900 shares of company stock worth $3,963,031. Company insiders own 2.60% of the company's stock.

RBC Bearings Trading Up 2.1 %

Shares of NYSE RBC traded up $6.97 during midday trading on Thursday, hitting $335.54. 17,889 shares of the company traded hands, compared to its average volume of 160,795. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. RBC Bearings Incorporated has a 12-month low of $244.64 and a 12-month high of $372.83. The stock has a 50-day moving average price of $333.48 and a 200 day moving average price of $324.33. The firm has a market cap of $10.54 billion, a P/E ratio of 46.09, a P/E/G ratio of 4.42 and a beta of 1.60.

Analysts Set New Price Targets

A number of analysts have recently weighed in on RBC shares. KeyCorp increased their price objective on RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Truist Financial lowered 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. Finally, Morgan Stanley increased 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. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, RBC Bearings currently has an average rating of "Moderate Buy" and a consensus price target of $354.20.

RBC Bearings Company 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.