Oppenheimer Asset Management Inc. Acquires 2,418 Shares of RBC Bearings Incorporated (NYSE:RBC)

Oppenheimer Asset Management Inc. lifted its holdings in RBC Bearings Incorporated (NYSE:RBC) by 14.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,186 shares of the industrial products company’s stock after buying an additional 2,418 shares during the period. Oppenheimer Asset Management Inc.’s holdings in RBC Bearings were worth $5,739,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in RBC. Private Advisor Group LLC increased its holdings in shares of RBC Bearings by 13.4% in the 3rd quarter. Private Advisor Group LLC now owns 1,320 shares of the industrial products company’s stock worth $395,000 after buying an additional 156 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in shares of RBC Bearings by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 3,370 shares of the industrial products company’s stock worth $1,008,000 after buying an additional 225 shares during the last quarter. US Bancorp DE increased its holdings in shares of RBC Bearings by 17.4% in the 3rd quarter. US Bancorp DE now owns 6,854 shares of the industrial products company’s stock worth $2,052,000 after buying an additional 1,016 shares during the last quarter. Conestoga Capital Advisors LLC increased its holdings in shares of RBC Bearings by 1.7% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock worth $221,793,000 after buying an additional 12,375 shares during the last quarter. Finally, Angeles Wealth Management LLC bought a new stake in shares of RBC Bearings in the 3rd quarter worth about $363,000.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the business’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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 11,382 shares of the company’s stock, valued at $4,123,129.50. The trade was a 41.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,900 shares of company stock valued at $3,963,031 in the last three months. Company insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

RBC has been the topic of several analyst reports. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Truist Financial upped their price target on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their price target for the company from $330.00 to $335.00 in a report on Thursday, November 21st. Morgan Stanley upped their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Finally, 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. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus price target of $361.20.

RBC Bearings Price Performance

RBC Bearings stock opened at $359.08 on Friday. The stock has a market cap of $11.28 billion, a price-to-earnings ratio of 49.32, a price-to-earnings-growth ratio of 4.42 and a beta of 1.58. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. 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 of $330.00 and a two-hundred day moving average of $312.02.

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.