First Trust Advisors LP Raises Position in RBC Bearings Incorporated (NYSE:RBC)

First Trust Advisors LP lifted its position in RBC Bearings Incorporated (NYSE:RBC) by 63.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 315,661 shares of the industrial products company’s stock after acquiring an additional 122,552 shares during the period. First Trust Advisors LP owned 1.00% of RBC Bearings worth $94,427,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in shares of RBC Bearings by 0.6% during the 4th quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company’s stock valued at $59,581,000 after buying an additional 1,103 shares in the last quarter. GAMMA Investing LLC grew its holdings in RBC Bearings by 17.5% in the fourth quarter. GAMMA Investing LLC now owns 517 shares of the industrial products company’s stock worth $155,000 after purchasing an additional 77 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of RBC Bearings by 39.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock valued at $66,247,000 after purchasing an additional 62,706 shares in the last quarter. Callan Family Office LLC boosted its position in shares of RBC Bearings by 251.7% in the 4th quarter. Callan Family Office LLC now owns 2,416 shares of the industrial products company’s stock worth $723,000 after purchasing an additional 1,729 shares in the last quarter. Finally, Advantage Alpha Capital Partners LP increased its position in RBC Bearings by 35.3% during the 4th quarter. Advantage Alpha Capital Partners LP now owns 18,514 shares of the industrial products company’s stock valued at $5,545,000 after buying an additional 4,835 shares in the last quarter.

Analysts Set New Price Targets

A number of research firms have recently commented on RBC. 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. Morgan Stanley upped their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Finally, Truist Financial reduced their price target 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. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $354.20.

Insider Buying and Selling at RBC Bearings

In related news, CFO Robert M. Sullivan sold 8,000 shares of the firm’s 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 transaction, the chief financial officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the sale, the director now owns 6,728 shares of the company’s stock, valued at approximately $2,441,523.92. The trade was a 5.61 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,900 shares of company stock worth $3,963,031. Insiders own 2.60% of the company’s stock.

RBC Bearings Stock Up 0.5 %

RBC opened at $321.48 on Monday. 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. The firm has a 50 day moving average price of $339.89 and a 200-day moving average price of $322.60. The stock has a market capitalization of $10.10 billion, a price-to-earnings ratio of 44.16, a PEG 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.