Prudential Financial Inc. Sells 2,890 Shares of RBC Bearings Incorporated (NYSE:RBC)

Prudential Financial Inc. reduced its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 56.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,199 shares of the industrial products company's stock after selling 2,890 shares during the quarter. Prudential Financial Inc.'s holdings in RBC Bearings were worth $689,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RBC. Raymond James Financial Inc. bought a new position in RBC Bearings in the fourth quarter worth $71,324,000. Vanguard Group Inc. grew its position in shares of RBC Bearings by 8.5% in the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock worth $879,149,000 after buying an additional 229,466 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of RBC Bearings by 39.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company's stock worth $66,247,000 after acquiring an additional 62,706 shares in the last quarter. American Century Companies Inc. lifted its position in RBC Bearings by 22.4% during the 4th quarter. American Century Companies Inc. now owns 252,905 shares of the industrial products company's stock valued at $75,654,000 after acquiring an additional 46,270 shares during the period. Finally, Strategic Financial Concepts LLC bought a new stake in RBC Bearings during the fourth quarter worth about $7,785,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. KeyCorp raised their target price 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. Morgan Stanley raised their price objective on RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a research report on Tuesday, February 4th. Finally, Truist Financial boosted their target price on RBC Bearings from $351.00 to $410.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, RBC Bearings currently has a consensus rating of "Moderate Buy" and an average price target of $361.20.

Insider Buying and Selling at RBC Bearings

In other news, CFO Robert M. Sullivan sold 8,000 shares of RBC Bearings stock in a transaction that occurred on 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 completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the sale, the director now directly owns 6,728 shares of the company's stock, valued at approximately $2,441,523.92. This trade represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,900 shares of company stock worth $3,963,031. Insiders own 2.60% of the company's stock.

RBC Bearings Stock Up 2.2 %

Shares of RBC traded up $7.27 on Friday, hitting $332.52. 167,681 shares of the stock traded hands, compared to its average volume of 161,453. RBC Bearings Incorporated has a one year low of $241.43 and a one year high of $372.83. The company has a market capitalization of $10.44 billion, a PE ratio of 45.68, a P/E/G ratio of 4.42 and a beta of 1.60. The business has a 50 day simple moving average of $343.75 and a 200 day simple moving average of $321.62. 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 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.