Treasurer of the State of North Carolina Increases Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Treasurer of the State of North Carolina grew its position in RBC Bearings Incorporated (NYSE:RBC) by 0.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,492 shares of the industrial products company’s stock after buying an additional 70 shares during the quarter. Treasurer of the State of North Carolina’s holdings in RBC Bearings were worth $3,737,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of RBC. Jane Street Group LLC grew its stake in RBC Bearings by 18.5% during the 3rd quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company’s stock worth $4,951,000 after purchasing an additional 2,584 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of RBC Bearings by 0.6% in 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 acquiring an additional 1,103 shares during the period. Geode Capital Management LLC increased its stake in RBC Bearings by 1.1% in 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. GAMMA Investing LLC raised its stake in RBC Bearings by 17.5% during the 4th quarter. GAMMA Investing LLC now owns 517 shares of the industrial products company’s stock valued at $155,000 after acquiring an additional 77 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised 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 worth $66,247,000 after purchasing an additional 62,706 shares during the last quarter.

Insider Buying and Selling

In related news, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,382 shares of the company’s stock, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total value of $145,156.00. Following the sale, the director now owns 6,728 shares in the company, valued at approximately $2,441,523.92. The trade was a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety 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.

RBC Bearings Price Performance

RBC Bearings stock opened at $332.60 on Wednesday. RBC Bearings Incorporated has a 1 year low of $241.43 and a 1 year high of $372.83. The firm has a 50 day moving average price of $342.42 and a 200 day moving average price of $321.94. The company has a market cap of $10.45 billion, a price-to-earnings ratio of 45.69, a PEG ratio of 4.42 and a beta of 1.60. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Truist Financial increased their target price on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. KeyCorp upped their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Morgan Stanley increased their price objective on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and an average 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.