Argonautica Private Wealth Management Inc. Raises Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Argonautica Private Wealth Management Inc. grew its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 3.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,399 shares of the industrial products company’s stock after acquiring an additional 46 shares during the quarter. Argonautica Private Wealth Management Inc.’s holdings in RBC Bearings were worth $418,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp raised its position in RBC Bearings by 2.4% during the third quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock valued at $253,028,000 after purchasing an additional 19,962 shares during the period. Conestoga Capital Advisors LLC raised its holdings in RBC Bearings by 1.7% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock valued at $221,793,000 after buying an additional 12,375 shares during the period. Geneva Capital Management LLC lifted its position in RBC Bearings by 1.4% in the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock worth $176,829,000 after buying an additional 8,012 shares during the last quarter. Geode Capital Management LLC boosted its stake in RBC Bearings by 1.1% during the third quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock worth $144,490,000 after buying an additional 5,040 shares during the period. Finally, Port Capital LLC increased its position in RBC Bearings by 0.9% during the third quarter. Port Capital LLC now owns 385,101 shares of the industrial products company’s stock valued at $115,292,000 after acquiring an additional 3,525 shares during the last quarter.

RBC Bearings Trading Up 0.0 %

RBC opened at $357.56 on Wednesday. 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 stock’s fifty day moving average is $327.09 and its two-hundred day moving average is $310.79. The company has a market capitalization of $11.23 billion, a P/E ratio of 49.12, a PEG ratio of 4.42 and a beta of 1.58. RBC Bearings Incorporated has a 52 week low of $241.43 and a 52 week high of $372.83.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RBC shares. William Blair restated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. KeyCorp boosted their target price on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Truist Financial increased their price target on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $330.00 to $335.00 in a report on Thursday, November 21st. Finally, Morgan Stanley upped 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. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $361.20.

Insider Transactions at RBC Bearings

In other 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 value of $919,875.00. Following the completion of the sale, the chief executive officer now owns 320,088 shares of the company’s stock, valued at approximately $117,776,379.60. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $2,898,000.00. Following the transaction, the chief financial officer now directly owns 11,382 shares in the company, valued at approximately $4,123,129.50. The trade was a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings 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.