Wells Fargo & Company MN Reduces Position in RBC Bearings Incorporated (NYSE:RBC)

Wells Fargo & Company MN decreased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 5.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 225,707 shares of the industrial products company’s stock after selling 13,965 shares during the period. Wells Fargo & Company MN owned 0.72% of RBC Bearings worth $67,518,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. R Squared Ltd bought a new stake in RBC Bearings during the 4th quarter valued at $30,000. Golden State Wealth Management LLC bought a new stake in shares of RBC Bearings during the 4th quarter valued at $38,000. UMB Bank n.a. lifted its holdings in RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock worth $51,000 after purchasing an additional 79 shares in the last quarter. Harbor Investment Advisory LLC bought a new position in RBC Bearings in the 4th quarter worth about $82,000. Finally, Venturi Wealth Management LLC grew its holdings in RBC Bearings by 2,405.3% during the 4th quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company’s stock valued at $142,000 after buying an additional 457 shares in the last quarter.

Wall Street Analyst Weigh In

RBC has been the topic of a number of recent analyst reports. Truist Financial raised their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. KeyCorp raised 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. Finally, Morgan Stanley upped their price target 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. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $361.20.

Insiders Place Their Bets

In other news, Director Michael H. Ambrose sold 400 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $2,441,523.92. The trade was a 5.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction on Thursday, February 6th. The shares were 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 in the company, valued at approximately $117,776,379.60. This represents a 0.77 % 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 over the last 90 days. Insiders own 2.60% of the company’s stock.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $304.52 on Wednesday. The company’s fifty day moving average price is $345.37 and its 200-day moving average price is $320.74. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The firm has a market capitalization of $9.56 billion, a price-to-earnings ratio of 41.83, a PEG ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a one year low of $241.43 and a one year high of $372.83.

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.