Truist Financial Corp Increases Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Truist Financial Corp raised its stake in RBC Bearings Incorporated (NYSE:RBC) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 20,268 shares of the industrial products company’s stock after purchasing an additional 199 shares during the quarter. Truist Financial Corp owned 0.06% of RBC Bearings worth $6,063,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. CIBC Asset Management Inc lifted its holdings in shares of RBC Bearings by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company’s stock valued at $273,000 after buying an additional 47 shares during the period. Principal Financial Group Inc. raised its holdings in RBC Bearings by 5.5% during the fourth quarter. Principal Financial Group Inc. now owns 92,649 shares of the industrial products company’s stock worth $27,715,000 after purchasing an additional 4,854 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in RBC Bearings during the fourth quarter worth $7,785,000. Vista Finance LLC acquired a new position in RBC Bearings during the fourth quarter worth $246,000. Finally, Rhumbline Advisers raised its holdings in RBC Bearings by 5.6% during the fourth quarter. Rhumbline Advisers now owns 82,366 shares of the industrial products company’s stock worth $24,639,000 after purchasing an additional 4,367 shares during the last quarter.

Wall Street Analysts Forecast Growth

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

RBC Bearings Stock Performance

RBC Bearings stock opened at $357.37 on Friday. The firm has a market capitalization of $11.22 billion, a P/E ratio of 49.09, a PEG ratio of 4.42 and a beta of 1.58. The stock has a fifty day moving average price of $325.71 and a 200 day moving average price of $309.40. RBC Bearings Incorporated has a 52 week low of $241.43 and a 52 week high of $372.83. 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 Activity at RBC Bearings

In related news, CEO Michael J. Hartnett sold 2,500 shares of the company’s 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $362.25, for a total value of $2,898,000.00. Following the completion of the transaction, the chief financial officer now owns 11,382 shares of the company’s stock, valued at $4,123,129.50. The trade was a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,900 shares of company stock worth $3,963,031. 2.60% of the stock is currently owned by insiders.

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.