Charles Schwab Investment Management Inc. Grows Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Charles Schwab Investment Management Inc. raised its position in RBC Bearings Incorporated (NYSE:RBC) by 6.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 316,240 shares of the industrial products company’s stock after purchasing an additional 20,229 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in RBC Bearings were worth $94,600,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of RBC. R Squared Ltd purchased a new position in shares of RBC Bearings in the fourth quarter valued at about $30,000. Golden State Wealth Management LLC bought a new stake in shares of RBC Bearings during the 4th quarter valued at about $38,000. UMB Bank n.a. boosted its stake in shares of RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 79 shares in the last quarter. Harbor Investment Advisory LLC bought a new stake in shares of RBC Bearings during the 4th quarter valued at about $82,000. Finally, Quarry LP boosted its stake in shares of RBC Bearings by 1,003.7% during the 3rd quarter. Quarry LP now owns 298 shares of the industrial products company’s stock valued at $89,000 after purchasing an additional 271 shares in the last quarter.

RBC Bearings Trading Up 1.3 %

NYSE:RBC opened at $353.30 on Monday. RBC Bearings Incorporated has a one year low of $241.43 and a one year high of $372.83. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The company’s 50-day simple moving average is $334.91 and its 200 day simple moving average is $314.72. The firm has a market capitalization of $11.10 billion, a P/E ratio of 48.53, a PEG ratio of 4.42 and a beta of 1.72.

Insider Buying and Selling

In other news, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction that occurred on 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 owns 6,728 shares in the company, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the transaction, the chief financial officer now owns 11,382 shares in the company, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,900 shares of company stock valued at $3,963,031 over the last quarter. Corporate insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RBC. Truist Financial lifted their target price on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. KeyCorp lifted their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Morgan Stanley lifted their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, William Blair reissued an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average target price of $361.20.

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.