Oppenheimer Asset Management Inc. Raises Position in RBC Bearings Incorporated (NYSE:RBC)

Oppenheimer Asset Management Inc. raised its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 14.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,186 shares of the industrial products company’s stock after acquiring an additional 2,418 shares during the quarter. Oppenheimer Asset Management Inc. owned approximately 0.06% of RBC Bearings worth $5,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of RBC. Private Advisor Group LLC boosted its stake in shares of RBC Bearings by 13.4% during the 3rd quarter. Private Advisor Group LLC now owns 1,320 shares of the industrial products company’s stock worth $395,000 after acquiring an additional 156 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of RBC Bearings by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 3,370 shares of the industrial products company’s stock worth $1,008,000 after acquiring an additional 225 shares during the last quarter. US Bancorp DE boosted its stake in shares of RBC Bearings by 17.4% during the 3rd quarter. US Bancorp DE now owns 6,854 shares of the industrial products company’s stock worth $2,052,000 after acquiring an additional 1,016 shares during the last quarter. Conestoga Capital Advisors LLC boosted its stake in shares of RBC Bearings by 1.7% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock worth $221,793,000 after acquiring an additional 12,375 shares during the last quarter. Finally, Angeles Wealth Management LLC purchased a new position in shares of RBC Bearings during the 3rd quarter worth $363,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RBC. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. KeyCorp lifted their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Truist Financial lifted their target price on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. 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 research note on Tuesday, February 4th. Finally, William Blair restated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus target price of $361.20.

Insiders Place Their Bets

In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the business’s stock in a transaction 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 sale, the director now owns 6,728 shares in the company, valued at $2,441,523.92. The trade was a 5.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 10,900 shares of company stock worth $3,963,031 in the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings Stock Up 0.4 %

Shares of RBC stock opened at $359.08 on Friday. The stock has a market cap of $11.28 billion, a P/E ratio of 49.32, a PEG ratio of 4.42 and a beta of 1.58. RBC Bearings Incorporated has a 52 week low of $241.43 and a 52 week high of $372.83. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The company’s fifty day simple moving average is $330.00 and its two-hundred day simple moving average is $312.02.

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.