2Xideas AG Makes New Investment in RBC Bearings Incorporated (NYSE:RBC)

2Xideas AG acquired a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 31,086 shares of the industrial products company’s stock, valued at approximately $9,299,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. R Squared Ltd acquired a new position in RBC Bearings during the fourth quarter valued at $30,000. Golden State Wealth Management LLC purchased a new position in shares of RBC Bearings during the 4th quarter valued at about $38,000. UMB Bank n.a. lifted its holdings in shares of RBC Bearings by 84.9% in the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock valued at $51,000 after buying an additional 79 shares during the period. Harbor Investment Advisory LLC purchased a new stake in shares of RBC Bearings in the fourth quarter worth about $82,000. Finally, Quarry LP grew its holdings in RBC Bearings by 1,003.7% during the third quarter. Quarry LP now owns 298 shares of the industrial products company’s stock worth $89,000 after acquiring an additional 271 shares during the period.

RBC Bearings Price Performance

RBC stock opened at $308.85 on Friday. The business’s fifty day moving average price is $345.86 and its 200 day moving average price is $320.54. RBC Bearings Incorporated has a 12-month low of $241.43 and a 12-month high of $372.83. The company has a market capitalization of $9.70 billion, a PE ratio of 42.42, 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.

Insider Transactions at RBC Bearings

In related news, CFO Robert M. Sullivan sold 8,000 shares of the business’s stock in a transaction on 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 directly owns 11,382 shares of the company’s stock, valued at $4,123,129.50. The trade was a 41.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the sale, the chief executive officer now directly owns 320,088 shares in the company, 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 90 days, insiders have sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on RBC shares. KeyCorp upped their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Morgan Stanley raised their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Finally, Truist Financial lifted their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, RBC Bearings currently has an average rating of “Moderate Buy” and an average target price of $361.20.

RBC Bearings 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.