Gotham Asset Management LLC Reduces Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Gotham Asset Management LLC trimmed its position in RBC Bearings Incorporated (NYSE:RBC) by 25.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 25,878 shares of the industrial products company’s stock after selling 8,965 shares during the period. Gotham Asset Management LLC’s holdings in RBC Bearings were worth $7,741,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of RBC Bearings by 8.5% in the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company’s stock valued at $879,149,000 after acquiring an additional 229,466 shares during the last quarter. Durable Capital Partners LP increased its holdings in shares of RBC Bearings by 1.9% in the 4th quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company’s stock valued at $787,141,000 after acquiring an additional 48,287 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of RBC Bearings by 0.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company’s stock valued at $328,253,000 after acquiring an additional 2,884 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of RBC Bearings by 32.6% in the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company’s stock valued at $159,998,000 after acquiring an additional 131,614 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of RBC Bearings by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company’s stock valued at $151,944,000 after acquiring an additional 25,268 shares during the last quarter.

RBC Bearings Trading Up 4.4%

NYSE:RBC opened at $364.74 on Tuesday. RBC Bearings Incorporated has a 12-month low of $260.53 and a 12-month high of $372.83. The firm has a market capitalization of $11.46 billion, a P/E ratio of 50.10, a P/E/G ratio of 4.42 and a beta of 1.66. 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 business has a 50 day simple moving average of $331.84 and a 200 day simple moving average of $328.16.

Insider Activity at RBC Bearings

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the transaction, the chief financial officer now owns 11,382 shares in the company, valued at approximately $4,123,129.50. The trade was a 41.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RBC. Truist Financial lowered their price target on RBC Bearings from $410.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, April 17th. KeyCorp boosted their price target on 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 boosted their price objective on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $354.20.

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.