RBC Bearings Incorporated (NYSE:RBC) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in RBC Bearings Incorporated (NYSE:RBC) by 0.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 199,174 shares of the industrial products company’s stock after acquiring an additional 1,103 shares during the period. Bank of New York Mellon Corp owned approximately 0.63% of RBC Bearings worth $59,581,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of RBC. Private Advisor Group LLC grew its holdings in RBC Bearings by 13.4% during the 3rd quarter. Private Advisor Group LLC now owns 1,320 shares of the industrial products company’s stock valued at $395,000 after buying an additional 156 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in RBC Bearings by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 3,370 shares of the industrial products company’s stock valued at $1,008,000 after buying an additional 225 shares during the last quarter. US Bancorp DE grew its holdings in RBC Bearings by 17.4% during the 3rd quarter. US Bancorp DE now owns 6,854 shares of the industrial products company’s stock valued at $2,052,000 after buying an additional 1,016 shares during the last quarter. Crestwood Advisors Group LLC acquired a new stake in RBC Bearings during the 3rd quarter valued at $215,000. Finally, Atria Investments Inc grew its holdings in RBC Bearings by 1.8% during the 3rd quarter. Atria Investments Inc now owns 7,277 shares of the industrial products company’s stock valued at $2,179,000 after buying an additional 127 shares during the last quarter.

Insider Buying and Selling

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 of the company’s stock, valued at approximately $4,123,129.50. This trade represents a 41.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the stock in a transaction on 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. KeyCorp increased their target price on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and increased their price target for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Truist Financial increased their price target on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Finally, 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 note on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and a consensus price target of $361.20.

RBC Bearings Trading Down 1.7 %

Shares of RBC opened at $350.08 on Wednesday. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $11.00 billion, a P/E ratio of 48.09, a price-to-earnings-growth ratio of 4.42 and a beta of 1.58. The stock’s fifty day simple moving average is $331.92 and its 200 day simple moving average is $313.38. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month high of $372.83.

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.