RBC Bearings Incorporated (NYSE:RBC) Position Increased by Truist Financial Corp

Truist Financial Corp boosted its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,026 shares of the industrial products company’s stock after purchasing an additional 370 shares during the quarter. Truist Financial Corp owned approximately 0.13% of RBC Bearings worth $11,118,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in RBC. LWM Advisory Services LLC bought a new stake in shares of RBC Bearings during the third quarter valued at approximately $31,000. Operose Advisors LLC acquired a new position in RBC Bearings during the 3rd quarter worth $45,000. GAMMA Investing LLC acquired a new position in RBC Bearings during the 4th quarter worth $66,000. RiverPark Advisors LLC bought a new position in shares of RBC Bearings in the third quarter worth $69,000. Finally, Fifth Third Bancorp increased its holdings in shares of RBC Bearings by 14.3% during the third quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company’s stock valued at $99,000 after purchasing an additional 53 shares during the period.

Insider Buying and Selling

In related news, COO Daniel A. Bergeron sold 15,000 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $267.22, for a total value of $4,008,300.00. Following the completion of the transaction, the chief operating officer now owns 121,935 shares in the company, valued at approximately $32,583,470.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.90% of the company’s stock.

RBC Bearings Stock Performance

NYSE:RBC opened at $248.23 on Thursday. The company has a current ratio of 3.28, a quick ratio of 1.12 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average of $261.58 and a 200-day moving average of $258.85. RBC Bearings Incorporated has a twelve month low of $195.18 and a twelve month high of $288.16. The firm has a market cap of $7.00 billion, a price-to-earnings ratio of 41.51, a price-to-earnings-growth ratio of 4.65 and a beta of 1.46.

RBC Bearings (NYSE:RBC) last issued its earnings results on Thursday, February 8th. The industrial products company reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The business had revenue of $373.91 million for the quarter, compared to the consensus estimate of $376.61 million. RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. Analysts forecast that RBC Bearings Incorporated will post 8.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Citigroup increased their target price on shares of RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. Truist Financial increased their price objective on shares of RBC Bearings from $271.00 to $309.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $275.86.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.