Corient Private Wealth LLC Lowers Position in RBC Bearings Incorporated (NYSE:RBC)

Corient Private Wealth LLC lessened its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 12.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 9,688 shares of the industrial products company’s stock after selling 1,392 shares during the period. Corient Private Wealth LLC’s holdings in RBC Bearings were worth $2,898,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. State Street Corp grew its stake in shares of RBC Bearings by 2.4% during the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock valued at $253,028,000 after acquiring an additional 19,962 shares during the period. Geode Capital Management LLC lifted its holdings in RBC Bearings by 1.1% during 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 purchasing an additional 5,040 shares in the last quarter. Port Capital LLC increased its stake in shares of RBC Bearings by 0.9% in the third quarter. Port Capital LLC now owns 385,101 shares of the industrial products company’s stock worth $115,292,000 after purchasing an additional 3,525 shares in the last quarter. Maren Capital LLC raised its position in shares of RBC Bearings by 3.8% during the 3rd quarter. Maren Capital LLC now owns 379,113 shares of the industrial products company’s stock valued at $113,499,000 after purchasing an additional 13,812 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of RBC Bearings by 6.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 316,240 shares of the industrial products company’s stock valued at $94,600,000 after buying an additional 20,229 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. 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. William Blair reissued an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Truist Financial lifted their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Finally, KeyCorp raised 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. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $361.20.

RBC Bearings Stock Performance

NYSE:RBC opened at $329.52 on Monday. The company has a market cap of $10.35 billion, a price-to-earnings ratio of 45.26, a PEG ratio of 4.42 and a beta of 1.72. RBC Bearings Incorporated has a 1 year low of $241.43 and a 1 year high of $372.83. The stock’s 50 day simple moving average is $342.69 and its two-hundred day simple moving average is $317.81. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

Insider Activity at RBC Bearings

In other RBC Bearings 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 completion of the transaction, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at $117,776,379.60. This trade represents a 0.77 % 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 the 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 transaction, the chief financial officer now directly owns 11,382 shares of the company’s stock, valued at approximately $4,123,129.50. The trade was a 41.28 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is owned by corporate insiders.

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.