Northern Trust Corp Grows Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Northern Trust Corp grew its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 18.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 276,340 shares of the industrial products company's stock after purchasing an additional 42,459 shares during the quarter. Northern Trust Corp owned about 0.88% of RBC Bearings worth $82,664,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its stake in RBC Bearings by 5.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 24,933 shares of the industrial products company's stock worth $7,458,000 after buying an additional 1,314 shares in the last quarter. Quarry LP raised its position in shares of RBC Bearings by 30.9% in the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after acquiring an additional 92 shares in the last quarter. Boothbay Fund Management LLC boosted its position in shares of RBC Bearings by 24.5% during the fourth quarter. Boothbay Fund Management LLC now owns 1,066 shares of the industrial products company's stock valued at $319,000 after purchasing an additional 210 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in RBC Bearings in the fourth quarter worth $1,630,000. Finally, T. Rowe Price Investment Management Inc. raised its holdings in RBC Bearings by 0.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company's stock worth $328,253,000 after purchasing an additional 2,884 shares in the last quarter.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 2,500 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $367.95, for a total transaction of $919,875.00. Following the completion of the sale, the chief executive officer now directly owns 320,088 shares of the company's stock, valued at approximately $117,776,379.60. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert M. Sullivan sold 8,000 shares of the business's stock in a transaction on Thursday, February 13th. The shares were 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 of the company's stock, valued at approximately $4,123,129.50. The trade was a 41.28 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

RBC Bearings Stock Up 0.2 %

Shares of RBC stock traded up $0.69 during mid-day trading on Wednesday, hitting $342.34. The company's stock had a trading volume of 120,911 shares, compared to its average volume of 160,231. 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 52-week low of $259.88 and a 52-week high of $372.83. The stock has a market cap of $10.75 billion, a price-to-earnings ratio of 47.02, a PEG ratio of 4.42 and a beta of 1.66. The business has a 50-day moving average price of $331.80 and a 200 day moving average price of $326.20.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RBC shares. 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 research report on Tuesday, February 4th. Truist Financial lowered their target price on shares of RBC Bearings from $410.00 to $375.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, KeyCorp upped their price target on RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Three investment 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, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $354.20.

About RBC Bearings

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.