HighTower Advisors LLC Purchases 206 Shares of RBC Bearings Incorporated (NYSE:RBC)

HighTower Advisors LLC boosted its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 2.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,376 shares of the industrial products company’s stock after purchasing an additional 206 shares during the period. HighTower Advisors LLC’s holdings in RBC Bearings were worth $2,505,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in RBC. Raymond James Financial Inc. bought a new position in RBC Bearings during the 4th quarter valued at about $71,324,000. Erste Asset Management GmbH bought a new position in RBC Bearings in the 3rd quarter worth about $20,657,000. Allspring Global Investments Holdings LLC grew 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 acquiring an additional 62,706 shares in the last quarter. Champlain Investment Partners LLC grew 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 acquiring an additional 40,724 shares in the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in RBC Bearings in the 4th quarter worth about $7,785,000.

Insider Transactions at RBC Bearings

In other news, CEO Michael J. Hartnett sold 2,500 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction of $919,875.00. Following the transaction, the chief executive officer now directly owns 320,088 shares of the company’s stock, valued at approximately $117,776,379.60. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the sale, the director now directly owns 6,728 shares of the company’s stock, valued at $2,441,523.92. The trade was a 5.61 % decrease in their position. 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. Company insiders own 2.60% of the company’s stock.

RBC Bearings Price Performance

Shares of RBC opened at $329.52 on Friday. The company has a 50 day moving average price of $342.69 and a 200-day moving average price of $317.58. RBC Bearings Incorporated has a fifty-two week low of $241.43 and a fifty-two week high of $372.83. The stock has a market capitalization of $10.35 billion, a PE ratio of 45.26, a PEG ratio of 4.42 and a beta of 1.72. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43.

Analyst Ratings Changes

A number of equities analysts have commented on RBC shares. 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. Morgan Stanley upped their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. William Blair restated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Finally, Truist Financial upped their target price on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Three investment 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 stock has a consensus rating of “Moderate Buy” and a consensus price target 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.