Renaissance Technologies LLC Sells 32,000 Shares of RBC Bearings Incorporated (NYSE:RBC)

Renaissance Technologies LLC lessened its stake in RBC Bearings Incorporated (NYSE:RBC) by 43.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,900 shares of the industrial products company’s stock after selling 32,000 shares during the quarter. Renaissance Technologies LLC owned approximately 0.13% of RBC Bearings worth $12,534,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of RBC. Norges Bank purchased a new stake in RBC Bearings in the 4th quarter valued at $88,184,000. Raymond James Financial Inc. bought a new stake in shares of RBC Bearings in the 4th quarter worth $71,324,000. Vanguard Group Inc. raised its holdings in shares of RBC Bearings by 8.5% in the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company’s stock valued at $879,149,000 after purchasing an additional 229,466 shares during the last quarter. Blair William & Co. IL lifted its position in shares of RBC Bearings by 89.4% during the fourth quarter. Blair William & Co. IL now owns 185,600 shares of the industrial products company’s stock valued at $55,520,000 after purchasing an additional 87,624 shares in the last quarter. Finally, DF Dent & Co. Inc. purchased a new position in RBC Bearings during the fourth quarter worth about $23,962,000.

RBC Bearings Price Performance

RBC Bearings stock opened at $332.60 on Wednesday. The business’s 50 day simple moving average is $342.42 and its 200 day simple moving average is $321.94. RBC Bearings Incorporated has a 12 month low of $241.43 and a 12 month high of $372.83. The company has a market cap of $10.45 billion, a price-to-earnings ratio of 45.69, a PEG ratio of 4.42 and a beta of 1.60. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34.

Insider Activity

In other news, CFO Robert M. Sullivan sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $362.25, for a total value of $2,898,000.00. Following the sale, the chief financial officer now 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction of $145,156.00. Following the sale, the director now owns 6,728 shares in the company, valued at $2,441,523.92. The trade was a 5.61 % 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 90 days. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on RBC shares. Truist Financial increased their price objective 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 increased their price target on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, Morgan Stanley boosted 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 research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $361.20.

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.