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

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

Other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of RBC Bearings by 5.5% during the 4th quarter. Principal Financial Group Inc. now owns 92,649 shares of the industrial products company’s stock valued at $27,715,000 after buying an additional 4,854 shares during the period. Strategic Financial Concepts LLC purchased a new stake in RBC Bearings in the fourth quarter valued at $7,785,000. Vista Finance LLC purchased a new stake in RBC Bearings in the fourth quarter valued at $246,000. Rhumbline Advisers lifted its stake in shares of RBC Bearings by 5.6% in the 4th quarter. Rhumbline Advisers now owns 82,366 shares of the industrial products company’s stock valued at $24,639,000 after purchasing an additional 4,367 shares during the last quarter. Finally, New Mexico Educational Retirement Board grew its holdings in shares of RBC Bearings by 10.3% during the 4th quarter. New Mexico Educational Retirement Board now owns 6,400 shares of the industrial products company’s stock worth $1,914,000 after purchasing an additional 600 shares during the period.

Insider Activity at RBC Bearings

In other news, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the transaction, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at $117,776,379.60. The trade was a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of the company’s 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 completion of the sale, 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 have sold 10,900 shares of company stock valued at $3,963,031 in the last ninety days. Insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

RBC has been the topic of a number of recent analyst reports. KeyCorp upped their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Truist Financial lifted their target price on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Finally, Morgan Stanley upped their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research report 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $361.20.

RBC Bearings Trading Up 0.3 %

RBC opened at $358.23 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. RBC Bearings Incorporated has a one year low of $241.43 and a one year high of $372.83. The business’s 50-day simple moving average is $326.35 and its 200-day simple moving average is $310.23. The company has a market cap of $11.25 billion, a P/E ratio of 49.21, a PEG ratio of 4.42 and a beta of 1.58.

RBC Bearings Company 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.