Summit Investment Advisors Inc. Buys 295 Shares of RBC Bearings Incorporated (NYSE:RBC)

Summit Investment Advisors Inc. raised its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 4.9% in the fourth quarter, HoldingsChannel reports. The fund owned 6,256 shares of the industrial products company’s stock after acquiring an additional 295 shares during the period. Summit Investment Advisors Inc.’s holdings in RBC Bearings were worth $1,871,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. R Squared Ltd bought a new stake in RBC Bearings in the 4th quarter valued at $30,000. Golden State Wealth Management LLC bought a new stake in shares of RBC Bearings in the fourth quarter valued at about $38,000. UMB Bank n.a. increased its position in RBC Bearings by 84.9% during the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 79 shares during the period. Harbor Investment Advisory LLC acquired a new stake in RBC Bearings in the 4th quarter worth about $82,000. Finally, Venturi Wealth Management LLC boosted its holdings in RBC Bearings by 2,405.3% in the 4th quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company’s stock valued at $142,000 after purchasing an additional 457 shares during the period.

RBC Bearings Stock Down 0.7 %

NYSE RBC opened at $332.60 on Wednesday. The business has a fifty day moving average price of $342.42 and a two-hundred day moving average price of $321.94. The stock has a market capitalization of $10.45 billion, a PE ratio of 45.69, a PEG ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a fifty-two week low of $241.43 and a fifty-two week high of $372.83. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

Insider Transactions at RBC Bearings

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the business’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. The trade was a 41.28 % decrease in their ownership of the stock. 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 shares were sold at an average price of $367.95, for a total transaction of $919,875.00. Following the completion of the sale, the chief executive officer now owns 320,088 shares in the company, valued at approximately $117,776,379.60. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,900 shares of company stock valued at $3,963,031. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RBC. Morgan Stanley lifted 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. KeyCorp lifted their price objective on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Truist Financial increased their target price on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.