Golden State Wealth Management LLC Takes Position in RBC Bearings Incorporated (NYSE:RBC)

Golden State Wealth Management LLC purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 127 shares of the industrial products company’s stock, valued at approximately $38,000.

Several other institutional investors have also recently added to or reduced their stakes in RBC. Jennison Associates LLC lifted its position in RBC Bearings by 170.2% during the 3rd quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock worth $35,399,000 after acquiring an additional 74,474 shares during the period. Erste Asset Management GmbH acquired a new stake in shares of RBC Bearings during the third quarter worth $20,657,000. Champlain Investment Partners LLC grew its position 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 valued at $109,290,000 after buying an additional 40,724 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in RBC Bearings in the 4th quarter valued at $7,785,000. Finally, Douglas Lane & Associates LLC increased its stake in RBC Bearings by 17.0% in the 4th quarter. Douglas Lane & Associates LLC now owns 147,452 shares of the industrial products company’s stock valued at $44,109,000 after buying an additional 21,379 shares during the period.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $367.95, for a total transaction of $919,875.00. Following the completion of the transaction, the chief executive officer now owns 320,088 shares in the company, valued at approximately $117,776,379.60. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael H. Ambrose sold 400 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the sale, the director now owns 6,728 shares in the company, valued at $2,441,523.92. This represents a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Morgan Stanley lifted their target price 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. Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $330.00 to $335.00 in a report on Thursday, November 21st. KeyCorp increased their target price on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Truist Financial lifted their price target on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Four investment 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $348.50.

RBC Bearings Stock Performance

RBC opened at $364.76 on Wednesday. RBC Bearings Incorporated has a 1-year low of $241.43 and a 1-year high of $372.51. The stock has a market cap of $11.46 billion, a P/E ratio of 50.11, a P/E/G ratio of 4.90 and a beta of 1.58. The stock’s 50 day simple moving average is $320.71 and its 200 day simple moving average is $305.01. 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 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.