RBC Bearings Incorporated (NYSE:RBC) Shares Bought by Truist Financial Corp

Truist Financial Corp grew its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 20,268 shares of the industrial products company’s stock after acquiring an additional 199 shares during the period. Truist Financial Corp’s holdings in RBC Bearings were worth $6,063,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. R Squared Ltd acquired a new stake in RBC Bearings during the fourth quarter worth about $30,000. Golden State Wealth Management LLC acquired a new stake in shares of RBC Bearings in the fourth quarter valued at about $38,000. UMB Bank n.a. grew its stake in shares of 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 in the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of RBC Bearings in the fourth quarter valued at about $82,000. Finally, Blue Trust Inc. grew its stake in shares of RBC Bearings by 541.9% in the third quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock valued at $83,000 after buying an additional 233 shares in the last quarter.

RBC Bearings Trading Down 3.1 %

Shares of RBC opened at $357.37 on Friday. The company has a market capitalization of $11.22 billion, a P/E ratio of 49.09, a P/E/G ratio of 4.42 and a beta of 1.58. RBC Bearings Incorporated has a one year low of $241.43 and a one year high of $372.83. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. The stock has a 50-day moving average price of $325.71 and a 200 day moving average price of $309.40.

Insider Activity at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total transaction of $145,156.00. Following the transaction, the director now owns 6,728 shares of the company’s stock, valued at $2,441,523.92. This trade represents a 5.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 320,088 shares in the company, valued at approximately $117,776,379.60. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,900 shares of company stock valued at $3,963,031. Insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

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

RBC Bearings Company 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.