RBC Bearings Incorporated (NYSE:RBC) Stake Reduced by Choreo LLC

Choreo LLC cut its position in RBC Bearings Incorporated (NYSE:RBC) by 22.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 713 shares of the industrial products company’s stock after selling 201 shares during the quarter. Choreo LLC’s holdings in RBC Bearings were worth $212,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. R Squared Ltd acquired a new stake in RBC Bearings in the fourth quarter worth about $30,000. UMB Bank n.a. raised its holdings in shares of RBC Bearings by 84.9% during the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 79 shares in the last quarter. Harbor Investment Advisory LLC bought a new stake in shares of RBC Bearings in the 4th quarter valued at approximately $82,000. Blue Trust Inc. boosted its holdings in RBC Bearings by 541.9% in the third quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock worth $83,000 after purchasing an additional 233 shares in the last quarter. Finally, Quarry LP raised its stake in shares of RBC Bearings by 1,003.7% in the 3rd quarter. Quarry LP now owns 298 shares of the industrial products company’s stock valued at $89,000 after acquiring an additional 271 shares in the last quarter.

RBC Bearings Price Performance

Shares of RBC opened at $363.80 on Friday. RBC Bearings Incorporated has a fifty-two week low of $241.43 and a fifty-two week high of $372.51. The firm has a market capitalization of $11.43 billion, a PE ratio of 49.97, a PEG ratio of 4.90 and a beta of 1.58. The company’s 50-day moving average is $322.33 and its 200-day moving average is $306.43. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

Analyst Ratings Changes

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

Insider Buying and Selling at RBC Bearings

In other news, Director Michael H. Ambrose sold 400 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the sale, the director now directly owns 6,728 shares in the company, valued at $2,441,523.92. This trade represents a 5.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Robert M. Sullivan sold 8,000 shares of RBC Bearings stock in a transaction dated 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 owns 11,382 shares of the company’s stock, valued at $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,900 shares of company stock worth $3,963,031 over the last quarter. Corporate insiders own 2.60% of the company’s stock.

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.