Northern Trust Corp Raises Position in RBC Bearings Incorporated (NYSE:RBC)

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

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RBC. Norges Bank acquired a new position in RBC Bearings during the fourth quarter worth about $88,184,000. Raymond James Financial Inc. purchased a new position in RBC Bearings in the 4th quarter worth approximately $71,324,000. Vanguard Group Inc. boosted its holdings in shares of RBC Bearings by 8.5% during the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock worth $879,149,000 after purchasing an additional 229,466 shares during the last quarter. First Trust Advisors LP grew its position in shares of RBC Bearings by 63.5% in the fourth quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company's stock valued at $94,427,000 after purchasing an additional 122,552 shares in the last quarter. Finally, Blair William & Co. IL lifted its position in RBC Bearings by 89.4% during the fourth quarter. Blair William & Co. IL now owns 185,600 shares of the industrial products company's stock worth $55,520,000 after buying an additional 87,624 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RBC shares. Truist Financial dropped their target price on RBC Bearings from $410.00 to $375.00 and set a "buy" rating for the company in a report on Thursday, April 17th. KeyCorp upped their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Finally, Morgan Stanley lifted their target price 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. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $354.20.

RBC Bearings Trading Down 0.1 %

RBC traded down $0.34 on Friday, hitting $348.85. The company had a trading volume of 115,812 shares, compared to its average volume of 159,838. The company's fifty day moving average price is $331.67 and its 200 day moving average price is $327.36. RBC Bearings Incorporated has a 1 year low of $260.53 and a 1 year high of $372.83. 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 market cap of $10.96 billion, a P/E ratio of 47.92, a PEG ratio of 4.42 and a beta of 1.66.

Insider Activity

In related news, CFO Robert M. Sullivan sold 8,000 shares of the business'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 sale, the chief financial officer now owns 11,382 shares in the company, valued at approximately $4,123,129.50. The trade was a 41.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.60% of the company's stock.

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.