RBC Bearings Incorporated (NYSE:RBC) Director Michael H. Ambrose Sells 400 Shares of Stock

RBC Bearings Incorporated (NYSE:RBC) Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

RBC Bearings Stock Performance

Shares of RBC opened at $369.40 on Thursday. The company has a 50-day simple moving average of $318.64 and a 200-day simple moving average of $302.83. 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 company has a market capitalization of $11.60 billion, a PE ratio of 50.74, a P/E/G ratio of 4.81 and a beta of 1.58. RBC Bearings Incorporated has a 52-week low of $240.36 and a 52-week high of $372.51.

Hedge Funds Weigh In On RBC Bearings

Several hedge funds have recently added to or reduced their stakes in RBC. Jennison Associates LLC increased its holdings in RBC Bearings by 170.2% during the 3rd quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock valued at $35,399,000 after acquiring an additional 74,474 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of RBC Bearings during the 3rd quarter worth about $20,657,000. Allspring Global Investments Holdings LLC boosted its stake in shares of RBC Bearings by 39.3% during 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 purchasing an additional 62,706 shares during the last quarter. Douglas Lane & Associates LLC boosted its stake in shares of RBC Bearings by 54.0% during the 3rd quarter. Douglas Lane & Associates LLC now owns 126,073 shares of the industrial products company’s stock worth $37,744,000 after purchasing an additional 44,211 shares during the last quarter. Finally, Champlain Investment Partners LLC boosted its position in shares of RBC Bearings by 12.6% in the third quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock worth $109,290,000 after acquiring an additional 40,724 shares during the last quarter.

Wall Street Analyst Weigh In

RBC has been the subject of several research reports. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Morgan Stanley upped their price objective on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research report on Tuesday. Truist Financial upped their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday. Finally, KeyCorp upped their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, RBC Bearings has an average rating of “Moderate Buy” and an average target price of $348.50.

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.