Truist Financial Corp Purchases 370 Shares of RBC Bearings Incorporated (NYSE:RBC)

Truist Financial Corp grew its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.0% during the 4th 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 buying an additional 370 shares during the period. Truist Financial Corp’s holdings in RBC Bearings were worth $11,118,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in RBC Bearings by 143.4% during the third quarter. Bank of New York Mellon Corp now owns 229,704 shares of the industrial products company’s stock worth $53,781,000 after acquiring an additional 135,349 shares during the period. Principal Financial Group Inc. increased its stake in RBC Bearings by 1,721.8% in the third quarter. Principal Financial Group Inc. now owns 113,641 shares of the industrial products company’s stock valued at $26,607,000 after acquiring an additional 107,403 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of RBC Bearings by 16.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 712,962 shares of the industrial products company’s stock worth $166,926,000 after buying an additional 99,066 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of RBC Bearings by 50.6% in the third quarter. Northern Trust Corp now owns 232,770 shares of the industrial products company’s stock worth $54,498,000 after acquiring an additional 78,224 shares during the last quarter. Finally, Comerica Bank lifted its stake in shares of RBC Bearings by 1,915.4% in the 3rd quarter. Comerica Bank now owns 68,706 shares of the industrial products company’s stock valued at $16,086,000 after acquiring an additional 65,297 shares during the last quarter.

Insider Activity at RBC Bearings

In other news, COO Daniel A. Bergeron sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total transaction of $4,008,300.00. Following the sale, the chief operating officer now owns 121,935 shares of the company’s stock, valued at approximately $32,583,470.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.90% of the stock is owned by insiders.

RBC Bearings Price Performance

Shares of RBC Bearings stock opened at $248.23 on Thursday. The business’s 50 day simple moving average is $261.58 and its two-hundred day simple moving average is $258.85. RBC Bearings Incorporated has a one year low of $195.18 and a one year high of $288.16. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.28 and a quick ratio of 1.12. The stock has a market capitalization of $7.00 billion, a P/E ratio of 41.51, a price-to-earnings-growth ratio of 4.65 and a beta of 1.46.

RBC Bearings (NYSE:RBC) last announced 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 company had revenue of $373.91 million for the quarter, compared to the consensus estimate of $376.61 million. RBC Bearings had a net margin of 12.81% and a return on equity of 9.64%. Analysts forecast that RBC Bearings Incorporated will post 8.02 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on RBC. Truist Financial upped their price target on shares of RBC Bearings from $271.00 to $309.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Citigroup lifted their price objective on shares of RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a report on Monday, February 12th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.