Corebridge Financial Inc. Purchases 969 Shares of RBC Bearings Incorporated (NYSE:RBC)

Corebridge Financial Inc. raised its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 2.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,325 shares of the industrial products company’s stock after acquiring an additional 969 shares during the quarter. Corebridge Financial Inc.’s holdings in RBC Bearings were worth $10,567,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. R Squared Ltd acquired a new position in shares of RBC Bearings in the 4th quarter valued at about $30,000. Golden State Wealth Management LLC bought a new stake in RBC Bearings in the fourth quarter worth approximately $38,000. UMB Bank n.a. lifted its stake in RBC Bearings by 84.9% in the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock valued at $51,000 after buying an additional 79 shares during the period. Harbor Investment Advisory LLC acquired a new position in RBC Bearings in the fourth quarter valued at approximately $82,000. Finally, Quarry LP boosted its holdings in shares of RBC Bearings by 1,003.7% during the 3rd quarter. Quarry LP now owns 298 shares of the industrial products company’s stock worth $89,000 after buying an additional 271 shares in the last quarter.

RBC Bearings Stock Performance

RBC opened at $332.49 on Thursday. RBC Bearings Incorporated has a 1-year low of $241.43 and a 1-year high of $372.83. The company has a market cap of $10.44 billion, a price-to-earnings ratio of 45.67, a PEG ratio of 4.42 and a beta of 1.72. The company’s fifty day moving average price is $344.51 and its two-hundred day moving average price is $318.61. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on RBC shares. Morgan Stanley boosted their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. KeyCorp upped their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Truist Financial raised their target price on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Three 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, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus target price of $361.20.

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.