RBC Bearings Incorporated (NYSE:RBC) Shares Purchased by Whittier Trust Co. of Nevada Inc.

Whittier Trust Co. of Nevada Inc. grew its stake in shares of RBC Bearings Incorporated (NYSE:RBCFree Report) by 5.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,579 shares of the industrial products company’s stock after acquiring an additional 1,413 shares during the quarter. Whittier Trust Co. of Nevada Inc. owned about 0.10% of RBC Bearings worth $8,426,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. State of Michigan Retirement System acquired a new stake in RBC Bearings during the 3rd quarter worth approximately $1,615,000. Securian Asset Management Inc. purchased a new position in shares of RBC Bearings in the 3rd quarter valued at $576,000. Dark Forest Capital Management LP acquired a new position in shares of RBC Bearings during the 3rd quarter valued at $512,000. Amalgamated Bank boosted its position in RBC Bearings by 352.6% during the 3rd quarter. Amalgamated Bank now owns 19,275 shares of the industrial products company’s stock worth $4,513,000 after purchasing an additional 15,016 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in RBC Bearings by 49.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 156,888 shares of the industrial products company’s stock valued at $36,732,000 after purchasing an additional 52,235 shares in the last quarter.

Insider Activity

In other RBC Bearings news, COO Daniel A. Bergeron sold 15,000 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total transaction of $4,008,300.00. Following the completion of the sale, the chief operating officer now owns 121,935 shares in the company, valued at $32,583,470.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, COO Daniel A. Bergeron sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $267.22, for a total transaction of $4,008,300.00. Following the completion of the transaction, the chief operating officer now directly owns 121,935 shares of the company’s stock, valued at $32,583,470.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael H. Ambrose sold 300 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $277.80, for a total value of $83,340.00. Following the completion of the sale, the director now directly owns 6,800 shares in the company, valued at approximately $1,889,040. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on RBC shares. Truist Financial upped their target price on RBC Bearings from $271.00 to $309.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Bank of America raised shares of RBC Bearings from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $230.00 to $280.00 in a research report on Wednesday, November 29th. Citigroup raised their price target on shares of RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a report on Monday, February 12th. Finally, The Goldman Sachs Group lifted their price target on shares of RBC Bearings from $229.00 to $256.00 and gave the stock a “buy” rating in a research note on Thursday, December 14th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $275.86.

Get Our Latest Stock Analysis on RBC Bearings

RBC Bearings Stock Up 1.2 %

RBC stock traded up $3.18 during mid-day trading on Wednesday, hitting $267.22. 66,938 shares of the company were exchanged, compared to its average volume of 121,481. The firm has a fifty day simple moving average of $270.11 and a 200 day simple moving average of $254.50. The company has a market capitalization of $7.80 billion, a PE ratio of 44.69, a price-to-earnings-growth ratio of 5.49 and a beta of 1.45. RBC Bearings Incorporated has a twelve month low of $195.18 and a twelve month high of $288.16. The company has a current ratio of 3.28, a quick ratio of 1.12 and a debt-to-equity ratio of 0.47.

RBC Bearings (NYSE:RBCGet Free Report) last issued its quarterly earnings results on Thursday, February 8th. The industrial products company reported $1.75 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.08). The company had revenue of $373.91 million for the quarter, compared to the consensus estimate of $376.61 million. RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. On average, research analysts forecast that RBC Bearings Incorporated will post 8.1 earnings per share for the current fiscal year.

About RBC Bearings

(Free Report)

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.

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Institutional Ownership by Quarter for RBC Bearings (NYSE:RBC)

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