RBC Bearings Incorporated (NYSE:RBC) Shares Purchased by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. raised its position in RBC Bearings Incorporated (NYSE:RBC) by 1.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,677 shares of the industrial products company’s stock after purchasing an additional 84 shares during the quarter. Avantax Advisory Services Inc.’s holdings in RBC Bearings were worth $1,997,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. State Street Corp grew its holdings in RBC Bearings by 2.4% in the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after buying an additional 19,962 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of RBC Bearings by 1.1% during the third quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock valued at $144,490,000 after purchasing an additional 5,040 shares during the period. Port Capital LLC raised its stake in shares of RBC Bearings by 0.9% during the third quarter. Port Capital LLC now owns 385,101 shares of the industrial products company’s stock valued at $115,292,000 after purchasing an additional 3,525 shares in the last quarter. Maren Capital LLC raised its stake in shares of RBC Bearings by 3.8% during the third quarter. Maren Capital LLC now owns 379,113 shares of the industrial products company’s stock valued at $113,499,000 after purchasing an additional 13,812 shares in the last quarter. Finally, Champlain Investment Partners LLC grew its position in RBC Bearings by 12.6% in the 3rd quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock valued at $109,290,000 after buying an additional 40,724 shares in the last quarter.

Insider Buying and Selling at RBC Bearings

In related news, CFO Robert M. Sullivan sold 8,000 shares of the company’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 completion of the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Hartnett sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction of $919,875.00. Following the completion of the transaction, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at $117,776,379.60. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have commented on RBC shares. William Blair restated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. KeyCorp upped their target price on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price target for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Morgan Stanley upped their price objective on 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 boosted their price target on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $361.20.

RBC Bearings Stock Up 3.2 %

Shares of RBC Bearings stock opened at $347.23 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 3.43 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. The firm has a market capitalization of $10.91 billion, a PE ratio of 47.70, a price-to-earnings-growth ratio of 4.42 and a beta of 1.72. The stock’s fifty day moving average is $339.75 and its 200-day moving average is $316.65.

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.