Quarry LP Acquires 92 Shares of RBC Bearings Incorporated (NYSE:RBC)

Quarry LP boosted its holdings in RBC Bearings Incorporated (NYSE:RBC) by 30.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 390 shares of the industrial products company’s stock after purchasing an additional 92 shares during the period. Quarry LP’s holdings in RBC Bearings were worth $117,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Boothbay Fund Management LLC increased its stake in shares of RBC Bearings by 24.5% during the 4th quarter. Boothbay Fund Management LLC now owns 1,066 shares of the industrial products company’s stock worth $319,000 after purchasing an additional 210 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in RBC Bearings during the fourth quarter worth about $1,630,000. T. Rowe Price Investment Management Inc. increased its position in RBC Bearings by 0.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company’s stock worth $328,253,000 after buying an additional 2,884 shares during the last quarter. Greenhouse Funds LLLP raised its stake in RBC Bearings by 17.6% in the fourth quarter. Greenhouse Funds LLLP now owns 155,885 shares of the industrial products company’s stock valued at $46,631,000 after buying an additional 23,306 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in shares of RBC Bearings in the fourth quarter valued at approximately $1,339,000.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RBC shares. Morgan Stanley boosted their target price on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. KeyCorp lifted their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, Truist Financial dropped their price target on RBC Bearings from $410.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, RBC Bearings presently has an average rating of “Moderate Buy” and an average target price of $354.20.

RBC Bearings Stock Up 1.3 %

NYSE RBC opened at $329.09 on Wednesday. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The company has a market cap of $10.34 billion, a price-to-earnings ratio of 45.20, a PEG ratio of 4.42 and a beta of 1.60. The company has a 50 day moving average of $334.06 and a 200-day moving average of $324.30. RBC Bearings Incorporated has a 1-year low of $243.50 and a 1-year high of $372.83.

Insider Buying and Selling at RBC Bearings

In other news, CEO Michael J. Hartnett sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the transaction, the chief executive officer now directly owns 320,088 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Robert M. Sullivan sold 8,000 shares of the 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 sale, the chief financial officer now owns 11,382 shares in the company, valued at $4,123,129.50. This represents a 41.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,900 shares of company stock valued at $3,963,031 in the last three months. Corporate insiders own 2.60% of the company’s stock.

RBC Bearings Company 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.