Raymond James Financial Inc. Invests $71.32 Million in RBC Bearings Incorporated (NYSE:RBC)

Raymond James Financial Inc. purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 238,430 shares of the industrial products company’s stock, valued at approximately $71,324,000. Raymond James Financial Inc. owned approximately 0.76% of RBC Bearings at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. R Squared Ltd purchased a new stake in shares of RBC Bearings during the fourth quarter worth about $30,000. Golden State Wealth Management LLC purchased a new stake in shares of RBC Bearings during the fourth quarter worth about $38,000. UMB Bank n.a. grew its holdings in shares of RBC Bearings by 84.9% during the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock worth $51,000 after buying an additional 79 shares in the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of RBC Bearings in the fourth quarter worth approximately $82,000. Finally, Quarry LP boosted its position in shares of RBC Bearings by 1,003.7% in the third quarter. Quarry LP now owns 298 shares of the industrial products company’s stock worth $89,000 after acquiring an additional 271 shares during the last quarter.

RBC Bearings Trading Up 1.3 %

Shares of RBC stock opened at $353.30 on Monday. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 48.53, a price-to-earnings-growth ratio of 4.42 and a beta of 1.72. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a fifty-two week low of $241.43 and a fifty-two week high of $372.83. The firm’s 50 day moving average price is $334.91 and its two-hundred day moving average price is $314.72.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Truist Financial raised their target price on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. KeyCorp raised their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Morgan Stanley raised their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Finally, Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their target price for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $361.20.

Insider Buying and Selling at RBC Bearings

In other news, Director Michael H. Ambrose sold 400 shares of RBC Bearings 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 sale, the director now owns 6,728 shares in the company, valued at $2,441,523.92. This trade represents a 5.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Robert M. Sullivan sold 8,000 shares of RBC Bearings stock in a transaction that occurred on 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 sale, 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. Insiders have sold a total of 10,900 shares of company stock valued at $3,963,031 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

About RBC Bearings

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.