UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in RBC Bearings Incorporated (NYSE:RBC – Free Report) by 40.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,430 shares of the industrial products company’s stock after purchasing an additional 22,721 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.25% of RBC Bearings worth $50,514,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp raised its holdings in RBC Bearings by 12,957.3% in the first quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company’s stock worth $40,707,000 after purchasing an additional 74,375 shares during the period. Bessemer Group Inc. lifted its holdings in shares of RBC Bearings by 9.6% in the fourth quarter. Bessemer Group Inc. now owns 83,865 shares of the industrial products company’s stock valued at $37,607,000 after purchasing an additional 7,315 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in RBC Bearings by 7.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 48,359 shares of the industrial products company’s stock valued at $21,686,000 after acquiring an additional 3,226 shares in the last quarter. Walleye Capital LLC bought a new stake in RBC Bearings in the 2nd quarter valued at approximately $5,165,000. Finally, Align Financial LLC acquired a new position in RBC Bearings during the 4th quarter worth approximately $17,495,000.
RBC Bearings Trading Up 0.5%
Shares of RBC opened at $491.23 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69. The firm has a market cap of $15.55 billion, a price-to-earnings ratio of 48.54, a PEG ratio of 2.62 and a beta of 1.39. The business’s fifty day moving average is $566.11 and its 200-day moving average is $574.06.
Insider Buying and Selling at RBC Bearings
In other news, Director Dolores J. Ennico sold 600 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the sale, the director owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John J. Feeney sold 225 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the transaction, the vice president owned 2,378 shares in the company, valued at $1,564,581.32. This trade represents a 8.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.80% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages recently commented on RBC. Morgan Stanley increased their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Truist Financial boosted their price target on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Royal Bank Of Canada set a $645.00 price objective on RBC Bearings in a report on Monday, August 3rd. Finally, Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold 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 $623.00.
Check Out Our Latest Research Report on RBC
RBC Bearings Profile
RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.
The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.
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