Raymond James Financial Inc. Buys Shares of 238,430 RBC Bearings Incorporated (NYSE:RBC)

Raymond James Financial Inc. purchased a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 238,430 shares of the industrial products company’s stock, valued at approximately $71,324,000.

Several other hedge funds and other institutional investors also recently modified their holdings of RBC. Atria Investments Inc boosted its holdings in shares of RBC Bearings by 1.8% during the third quarter. Atria Investments Inc now owns 7,277 shares of the industrial products company’s stock valued at $2,179,000 after acquiring an additional 127 shares during the period. TimesSquare Capital Management LLC boosted its holdings in shares of RBC Bearings by 17.3% during the third quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock valued at $27,125,000 after acquiring an additional 13,395 shares during the period. Crossmark Global Holdings Inc. boosted its holdings in shares of RBC Bearings by 29.8% during the third quarter. Crossmark Global Holdings Inc. now owns 2,280 shares of the industrial products company’s stock valued at $683,000 after acquiring an additional 523 shares during the period. Versor Investments LP acquired a new position in shares of RBC Bearings during the third quarter valued at $435,000. Finally, Aigen Investment Management LP acquired a new position in shares of RBC Bearings during the third quarter valued at $517,000.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, 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 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 approximately $2,441,523.92. This represents a 5.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction dated 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 $4,123,129.50. The trade was a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is owned by insiders.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $353.30 on Monday. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month high of $372.83. 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 capitalization of $11.10 billion, a price-to-earnings ratio of 48.53, a PEG ratio of 4.42 and a beta of 1.72. The firm has a 50-day moving average of $334.91 and a two-hundred day moving average of $314.72.

Analyst Upgrades and Downgrades

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