RBC Bearings Incorporated (NYSE:RBC) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc raised its position in RBC Bearings Incorporated (NYSE:RBC) by 5.4% in the 4th quarter, Holdings Channel reports. The fund owned 912 shares of the industrial products company’s stock after acquiring an additional 47 shares during the period. CIBC Asset Management Inc’s holdings in RBC Bearings were worth $273,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp lifted its position in RBC Bearings by 2.4% in 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 stake in shares of 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 worth $221,793,000 after buying an additional 12,375 shares in the last quarter. Geneva Capital Management LLC lifted its holdings in shares of RBC Bearings by 1.4% in the 3rd quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock valued at $176,829,000 after buying an additional 8,012 shares during the period. Geode Capital Management LLC boosted its stake in shares of RBC Bearings by 1.1% in the third quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock valued at $144,490,000 after buying an additional 5,040 shares in the last quarter. Finally, Port Capital LLC grew its holdings 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 worth $115,292,000 after acquiring an additional 3,525 shares during the period.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total value of $145,156.00. Following the transaction, the director now directly owns 6,728 shares in the company, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Hartnett sold 2,500 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction of $919,875.00. Following the sale, the chief executive officer now directly owns 320,088 shares in the company, valued at $117,776,379.60. This represents a 0.77 % 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 worth $3,963,031. 2.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

RBC has been the topic of several research analyst reports. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Truist Financial boosted their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. KeyCorp increased their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Morgan Stanley boosted 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. Finally, William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, RBC Bearings presently has an average rating of “Moderate Buy” and an average target price of $361.20.

RBC Bearings Stock Up 0.3 %

RBC stock opened at $358.23 on Tuesday. 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 Incorporated has a 12 month low of $241.43 and a 12 month high of $372.83. The firm has a market capitalization of $11.25 billion, a PE ratio of 49.21, a P/E/G ratio of 4.42 and a beta of 1.58. The company’s 50 day simple moving average is $326.35 and its 200-day simple moving average is $310.23.

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.