Meiji Yasuda Asset Management Co Ltd. Acquires 47 Shares of RBC Bearings Incorporated (NYSE:RBC)

Meiji Yasuda Asset Management Co Ltd. boosted its holdings in RBC Bearings Incorporated (NYSE:RBC) by 6.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 762 shares of the industrial products company’s stock after acquiring an additional 47 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in RBC Bearings were worth $228,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Torray Investment Partners LLC grew its holdings in shares of RBC Bearings by 0.3% during the 4th 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 grew its stake in shares of RBC Bearings by 1.6% during the fourth 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 during the last quarter. Argonautica Private Wealth Management Inc. increased its holdings in shares of RBC Bearings by 3.4% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company’s stock worth $418,000 after buying an additional 46 shares in the last quarter. CIBC Asset Management Inc lifted its stake in shares of RBC Bearings by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company’s stock valued at $273,000 after acquiring an additional 47 shares during the last quarter. Finally, Norden Group LLC lifted its stake in shares of RBC Bearings by 6.7% in the 4th quarter. Norden Group LLC now owns 780 shares of the industrial products company’s stock valued at $233,000 after acquiring an additional 49 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts have issued reports on RBC shares. 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. Truist Financial raised their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Finally, KeyCorp lifted their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. 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 presently has an average rating of “Moderate Buy” and an average price target of $361.20.

Insider Transactions at RBC Bearings

In related news, CFO Robert M. Sullivan sold 8,000 shares of the 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 transaction, the chief financial officer now directly owns 11,382 shares in the company, valued at $4,123,129.50. This trade represents a 41.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael H. Ambrose sold 400 shares of RBC Bearings 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 directly owns 6,728 shares of the company’s stock, valued at approximately $2,441,523.92. The trade was a 5.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,900 shares of company stock worth $3,963,031. Company insiders own 2.60% of the company’s stock.

RBC Bearings Price Performance

RBC Bearings stock opened at $326.09 on Friday. The stock’s 50 day moving average is $345.26 and its 200 day moving average is $319.01. RBC Bearings Incorporated has a one year low of $241.43 and a one year high of $372.83. The firm has a market cap of $10.24 billion, a P/E ratio of 44.79, a P/E/G ratio of 4.42 and a beta of 1.72. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

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.