Zurcher Kantonalbank Zurich Cantonalbank Has $1.45 Million Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 4,830 shares of the industrial products company’s stock after purchasing an additional 87 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in RBC Bearings were worth $1,445,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in RBC Bearings in the 4th quarter worth $71,324,000. Jennison Associates LLC boosted its stake in RBC Bearings by 170.2% in the 3rd quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock worth $35,399,000 after purchasing an additional 74,474 shares during the period. Erste Asset Management GmbH acquired a new position in RBC Bearings in the 3rd quarter worth $20,657,000. Allspring Global Investments Holdings LLC boosted its stake in RBC Bearings by 39.3% in the 4th 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 period. Finally, Champlain Investment Partners LLC boosted its stake 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 worth $109,290,000 after purchasing an additional 40,724 shares during the period.

Insider Transactions at RBC Bearings

In related news, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction dated 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 of the company’s stock, valued at approximately $117,776,379.60. The trade was a 0.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the transaction, the director now owns 6,728 shares in the company, valued at approximately $2,441,523.92. This trade represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,900 shares of company stock worth $3,963,031 in the last ninety days. Insiders own 2.60% of the company’s stock.

RBC Bearings Stock Down 3.5 %

RBC Bearings stock opened at $334.36 on Wednesday. The firm has a market capitalization of $10.50 billion, a PE ratio of 45.93, a P/E/G ratio of 4.42 and a beta of 1.72. The company’s 50-day moving average is $340.49 and its 200-day moving average is $316.90. 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.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. KeyCorp upped their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. 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. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Morgan Stanley boosted their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Finally, Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently 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.