Argonautica Private Wealth Management Inc. Increases Holdings in RBC Bearings Incorporated (NYSE:RBC)

Argonautica Private Wealth Management Inc. lifted its position in RBC Bearings Incorporated (NYSE:RBC) by 3.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,399 shares of the industrial products company’s stock after buying an additional 46 shares during the period. Argonautica Private Wealth Management Inc.’s holdings in RBC Bearings were worth $418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Jane Street Group LLC boosted its position in RBC Bearings by 18.5% in the third quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company’s stock worth $4,951,000 after purchasing an additional 2,584 shares during the last quarter. Segall Bryant & Hamill LLC boosted its holdings in shares of RBC Bearings by 41.6% in the third quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company’s stock worth $8,896,000 after buying an additional 8,725 shares during the last quarter. TimesSquare Capital Management LLC boosted its holdings in shares of RBC Bearings by 17.3% in the third quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock worth $27,125,000 after buying an additional 13,395 shares during the last quarter. Holocene Advisors LP grew its position in RBC Bearings by 69.4% during the third quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company’s stock valued at $3,711,000 after buying an additional 5,078 shares during the period. Finally, State Street Corp increased its holdings in RBC Bearings by 2.4% during the third quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock valued at $253,028,000 after buying an additional 19,962 shares during the last quarter.

Analyst Ratings Changes

Several research analysts have recently weighed in on RBC shares. KeyCorp lifted their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and lifted their target price for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Morgan Stanley upped their price target on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Truist Financial raised their price objective on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Finally, William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, RBC Bearings presently has an average rating of “Moderate Buy” and an average target price of $361.20.

RBC Bearings Stock Performance

NYSE RBC opened at $357.56 on Wednesday. The business has a 50-day moving average price of $327.09 and a 200-day moving average price of $310.79. The firm has a market cap of $11.23 billion, a price-to-earnings ratio of 49.12, a price-to-earnings-growth ratio of 4.42 and a beta of 1.58. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month high of $372.83. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34.

Insiders Place Their Bets

In related news, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction on 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 owns 11,382 shares in the company, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $919,875.00. Following the completion of the sale, the chief executive officer now owns 320,088 shares in the company, valued at approximately $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. Insiders sold 10,900 shares of company stock worth $3,963,031 in the last three months. 2.60% of the stock is owned by company insiders.

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.