The Manufacturers Life Insurance Company Buys 1,314 Shares of RBC Bearings Incorporated (NYSE:RBC)

The Manufacturers Life Insurance Company grew its stake in RBC Bearings Incorporated (NYSE:RBC) by 5.6% in the 4th quarter, Holdings Channel reports. The firm owned 24,933 shares of the industrial products company’s stock after purchasing an additional 1,314 shares during the period. The Manufacturers Life Insurance Company’s holdings in RBC Bearings were worth $7,458,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Torray Investment Partners LLC increased its position in shares of RBC Bearings by 0.3% during the fourth quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company’s stock valued at $2,533,000 after buying an additional 28 shares during the period. Curated Wealth Partners LLC grew its holdings in shares of RBC Bearings by 1.6% during the 4th quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company’s stock worth $595,000 after acquiring an additional 32 shares during the period. Townsquare Capital LLC raised its position in shares of RBC Bearings by 0.6% in the 4th quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company’s stock worth $1,694,000 after acquiring an additional 36 shares in the last quarter. Argonautica Private Wealth Management Inc. raised its position in shares of RBC Bearings by 3.4% in the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company’s stock worth $418,000 after acquiring an additional 46 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in shares of RBC Bearings by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company’s stock valued at $273,000 after purchasing an additional 47 shares in the last quarter.

RBC Bearings Price Performance

RBC opened at $341.60 on Wednesday. The firm has a market cap of $10.73 billion, a PE ratio of 46.92, a P/E/G ratio of 4.42 and a beta of 1.66. The stock has a 50-day moving average price of $332.14 and a 200-day moving average price of $326.09. RBC Bearings Incorporated has a 1 year low of $258.29 and a 1 year high of $372.83. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

Insider Buying and Selling at RBC Bearings

In related news, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the sale, the chief executive officer now directly owns 320,088 shares in the company, valued at approximately $117,776,379.60. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction, 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. 2.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RBC shares. Morgan Stanley increased their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Truist Financial decreased their price target on shares of RBC Bearings from $410.00 to $375.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Finally, KeyCorp boosted their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. 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, RBC Bearings has a consensus rating of “Moderate Buy” and an average price target of $354.20.

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.