Kayne Anderson Rudnick Investment Management LLC Decreases Stake in RBC Bearings Incorporated (NYSE:RBC)

Kayne Anderson Rudnick Investment Management LLC lessened its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,906,183 shares of the industrial products company’s stock after selling 29,110 shares during the quarter. RBC Bearings comprises approximately 1.3% of Kayne Anderson Rudnick Investment Management LLC’s portfolio, making the stock its 21st biggest holding. Kayne Anderson Rudnick Investment Management LLC owned 6.07% of RBC Bearings worth $570,216,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Barclays PLC boosted its position in shares of RBC Bearings by 162.2% during the 3rd quarter. Barclays PLC now owns 21,030 shares of the industrial products company’s stock valued at $6,296,000 after acquiring an additional 13,010 shares during the last quarter. SkyView Investment Advisors LLC grew its position in RBC Bearings by 1.6% during the third quarter. SkyView Investment Advisors LLC now owns 3,621 shares of the industrial products company’s stock valued at $1,084,000 after acquiring an additional 58 shares during the last quarter. Tidal Investments LLC raised its position in RBC Bearings by 36.0% in the 3rd quarter. Tidal Investments LLC now owns 3,016 shares of the industrial products company’s stock worth $903,000 after purchasing an additional 798 shares during the period. Synovus Financial Corp increased its stake in RBC Bearings by 6.2% in the 3rd quarter. Synovus Financial Corp now owns 13,830 shares of the industrial products company’s stock worth $4,141,000 after purchasing an additional 805 shares during the period. Finally, Retirement Systems of Alabama increased its stake in shares of RBC Bearings by 6.7% in the third quarter. Retirement Systems of Alabama now owns 38,245 shares of the industrial products company’s stock worth $11,450,000 after buying an additional 2,405 shares during the period.

RBC Bearings Stock Performance

RBC opened at $321.48 on Friday. The firm has a 50 day moving average of $339.89 and a two-hundred day moving average of $322.38. The firm has a market capitalization of $10.10 billion, a PE ratio of 44.16, a P/E/G 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. RBC Bearings Incorporated has a 12-month low of $241.43 and a 12-month high of $372.83.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Truist Financial dropped their target price on shares of RBC Bearings from $410.00 to $375.00 and set a “buy” rating for the company in a research report on Thursday. KeyCorp increased their target price on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Morgan Stanley boosted their price objective on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $354.20.

Insider Transactions at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the company’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 in the company, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their position. The transaction was disclosed in a document filed 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 dated 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 of the company’s stock, valued at approximately $4,123,129.50. This trade 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 worth $3,963,031 over the last quarter. 2.60% of the stock is currently owned by insiders.

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.