Comerica Bank Has $22.85 Million Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Comerica Bank boosted its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 2.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 76,377 shares of the industrial products company's stock after purchasing an additional 1,870 shares during the period. Comerica Bank owned about 0.24% of RBC Bearings worth $22,848,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of RBC. Torray Investment Partners LLC grew its position in shares of RBC Bearings by 0.3% in the fourth quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company's stock valued at $2,533,000 after purchasing an additional 28 shares during the last quarter. Curated Wealth Partners LLC raised its holdings in shares of RBC Bearings by 1.6% in the 4th quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company's stock worth $595,000 after buying an additional 32 shares in the last quarter. Townsquare Capital LLC raised its stake in RBC Bearings by 0.6% during the fourth quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company's stock worth $1,694,000 after acquiring an additional 36 shares in the last quarter. Argonautica Private Wealth Management Inc. increased its position in shares of RBC Bearings by 3.4% during the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company's stock worth $418,000 after purchasing an additional 46 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of RBC Bearings by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company's stock worth $273,000 after buying an additional 47 shares in the last quarter.

RBC Bearings Trading Up 3.1 %

NYSE RBC traded up $10.47 during trading on Friday, reaching $344.22. 102,419 shares of the stock traded hands, compared to its average volume of 161,233. The stock's 50-day moving average price is $332.74 and its 200 day moving average price is $325.35. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The firm has a market cap of $10.81 billion, a price-to-earnings ratio of 47.28, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66. RBC Bearings Incorporated has a fifty-two week low of $252.40 and a fifty-two week high of $372.83.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Truist Financial dropped their price objective on shares of RBC Bearings from $410.00 to $375.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Morgan Stanley lifted their price target 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. Finally, KeyCorp raised 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 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 has a consensus rating of "Moderate Buy" and a consensus target price of $354.20.

Insider Activity

In other news, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total transaction of $145,156.00. Following the transaction, the director now owns 6,728 shares in the company, valued at $2,441,523.92. The trade was a 5.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 10,900 shares of company stock valued at $3,963,031 in the last quarter. Company 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.