Quantbot Technologies LP Reduces Holdings in RBC Bearings Incorporated (NYSE:RBC)

Quantbot Technologies LP lowered its position in RBC Bearings Incorporated (NYSE:RBC) by 1.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,281 shares of the industrial products company’s stock after selling 49 shares during the quarter. Quantbot Technologies LP’s holdings in RBC Bearings were worth $981,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in RBC Bearings in the 4th quarter worth about $71,324,000. Erste Asset Management GmbH bought a new stake in shares of RBC Bearings during the 3rd quarter worth approximately $20,657,000. Allspring Global Investments Holdings LLC lifted 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 acquiring an additional 62,706 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in RBC Bearings in the 4th quarter valued at $7,785,000. Finally, Douglas Lane & Associates LLC increased its stake in RBC Bearings by 17.0% in the fourth quarter. Douglas Lane & Associates LLC now owns 147,452 shares of the industrial products company’s stock worth $44,109,000 after purchasing an additional 21,379 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on RBC shares. KeyCorp raised their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Truist Financial boosted their price target on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a report on Monday, February 3rd. William Blair restated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Finally, Morgan Stanley upped their target price on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $361.20.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $332.89 on Wednesday. The firm has a market capitalization of $10.46 billion, a P/E ratio of 45.73, a PEG ratio of 4.42 and a beta of 1.72. RBC Bearings Incorporated has a 52 week low of $241.43 and a 52 week high of $372.83. 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 50 day moving average price of $343.98 and a 200 day moving average price of $318.52.

Insider Buying and Selling

In related news, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 320,088 shares in the company, valued at approximately $117,776,379.60. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Robert M. Sullivan sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $362.25, for a total value of $2,898,000.00. Following the completion of the transaction, the chief financial officer now directly owns 11,382 shares of the company’s stock, valued at $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. Insiders sold 10,900 shares of company stock worth $3,963,031 in the last 90 days. 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.