Loomis Sayles & Co. L P Reduces Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Loomis Sayles & Co. L P cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 2.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 275,194 shares of the industrial products company’s stock after selling 8,243 shares during the quarter. Loomis Sayles & Co. L P owned approximately 0.88% of RBC Bearings worth $82,322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in shares of RBC Bearings by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 296,011 shares of the industrial products company’s stock valued at $88,620,000 after buying an additional 2,859 shares during the period. Citigroup Inc. boosted its holdings in RBC Bearings by 7.0% in the third quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company’s stock valued at $8,130,000 after acquiring an additional 1,770 shares in the last quarter. Cerity Partners LLC increased its position in RBC Bearings by 34.4% during the 3rd quarter. Cerity Partners LLC now owns 11,240 shares of the industrial products company’s stock valued at $3,365,000 after purchasing an additional 2,876 shares during the period. Dynamic Technology Lab Private Ltd raised its holdings in RBC Bearings by 18.9% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 2,957 shares of the industrial products company’s stock worth $885,000 after purchasing an additional 471 shares in the last quarter. Finally, FMR LLC lifted its position in shares of RBC Bearings by 61.3% in the 3rd quarter. FMR LLC now owns 4,191 shares of the industrial products company’s stock worth $1,255,000 after purchasing an additional 1,593 shares during the period.

Analyst Upgrades and Downgrades

RBC has been the subject of a number of research reports. KeyCorp increased their price target 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. Truist Financial increased their target price on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Finally, Morgan Stanley upped their price target on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Three 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $361.20.

Insider Transactions at RBC Bearings

In other news, CEO Michael J. Hartnett sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value of $919,875.00. Following the transaction, the chief executive officer now owns 320,088 shares in the company, valued at approximately $117,776,379.60. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of the firm’s 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 directly owns 11,382 shares of the company’s stock, valued at $4,123,129.50. This trade represents a 41.28 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,900 shares of company stock valued at $3,963,031. Insiders own 2.60% of the company’s stock.

RBC Bearings Stock Performance

RBC Bearings stock opened at $332.49 on Thursday. The stock’s 50 day moving average is $344.51 and its 200 day moving average is $318.61. The company has a market capitalization of $10.44 billion, a P/E ratio of 45.67, a PEG ratio of 4.42 and a beta of 1.72. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month 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.

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.