Pictet Asset Management Holding SA Increases Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Pictet Asset Management Holding SA increased its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 14.0% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 3,896 shares of the industrial products company’s stock after acquiring an additional 477 shares during the period. Pictet Asset Management Holding SA’s holdings in RBC Bearings were worth $1,165,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RBC shares. KeyCorp lifted their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Morgan Stanley upped their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Finally, Truist Financial raised 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. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $361.20.

Insider Activity

In related news, Director Michael H. Ambrose sold 400 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 6,728 shares of the company’s stock, valued at approximately $2,441,523.92. This trade represents a 5.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 completion of the sale, the chief financial officer now directly owns 11,382 shares in the company, valued at $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 10,900 shares of company stock valued at $3,963,031. Company insiders own 2.60% of the company’s stock.

RBC Bearings Stock Performance

RBC Bearings stock opened at $308.85 on Friday. 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 company has a fifty day moving average price of $345.86 and a two-hundred day moving average price of $320.54. The company has a market cap of $9.70 billion, a PE ratio of 42.42, a P/E/G ratio of 4.42 and a beta of 1.60.

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.