DAVENPORT & Co LLC Sells 317 Shares of RBC Bearings Incorporated (NYSE:RBC)

DAVENPORT & Co LLC trimmed its position in RBC Bearings Incorporated (NYSE:RBC) by 4.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 6,761 shares of the industrial products company’s stock after selling 317 shares during the quarter. DAVENPORT & Co LLC’s holdings in RBC Bearings were worth $2,022,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. boosted its holdings in shares of RBC Bearings by 416.7% in the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 75 shares in the last quarter. R Squared Ltd acquired a new stake in RBC Bearings in the fourth quarter valued at about $30,000. Harbor Investment Advisory LLC bought a new position in RBC Bearings in the fourth quarter valued at about $82,000. Blue Trust Inc. raised its stake in RBC Bearings by 541.9% during the third quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock worth $83,000 after acquiring an additional 233 shares in the last quarter. Finally, Quarry LP lifted its holdings 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 Stock Up 0.2 %

Shares of NYSE:RBC opened at $369.40 on Thursday. The firm has a market cap of $11.60 billion, a P/E ratio of 50.74, a P/E/G ratio of 4.81 and a beta of 1.58. RBC Bearings Incorporated has a 12-month low of $240.36 and a 12-month high of $372.51. The business has a fifty day simple moving average of $318.64 and a 200 day simple moving average of $302.83. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price target for the company from $330.00 to $335.00 in a report on Thursday, November 21st. Truist Financial upped their price target on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a report on Monday. William Blair reissued an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. KeyCorp boosted their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Morgan Stanley increased their target price on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $348.50.

Insider Activity

In other news, Director Michael H. Ambrose sold 400 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 6,728 shares in the company, valued at $2,441,523.92. This represents a 5.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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.