Truist Financial Corp purchased a new stake in RBC Bearings Incorporated (NYSE:RBC – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 39,995 shares of the industrial products company’s stock, valued at approximately $9,308,000. Truist Financial Corp owned 0.14% of RBC Bearings at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of RBC. Conestoga Capital Advisors LLC acquired a new stake in shares of RBC Bearings in the 1st quarter valued at approximately $158,312,000. Durable Capital Partners LP lifted its holdings in shares of RBC Bearings by 28.2% in the 1st quarter. Durable Capital Partners LP now owns 1,604,993 shares of the industrial products company’s stock valued at $311,176,000 after buying an additional 353,074 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of RBC Bearings in the 1st quarter valued at approximately $77,517,000. American Capital Management Inc. acquired a new stake in shares of RBC Bearings in the 1st quarter valued at approximately $48,534,000. Finally, Raymond James & Associates acquired a new position in RBC Bearings during the first quarter worth $36,664,000.
RBC Bearings Stock Performance
NYSE RBC opened at $225.07 on Friday. The company has a market capitalization of $6.54 billion, a PE ratio of 41.91, a price-to-earnings-growth ratio of 4.88 and a beta of 1.42. The company has a current ratio of 2.96, a quick ratio of 1.05 and a debt-to-equity ratio of 0.52. The business’s 50-day moving average price is $216.82 and its 200 day moving average price is $223.15. RBC Bearings Incorporated has a twelve month low of $195.18 and a twelve month high of $264.94.
Insiders Place Their Bets
In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $220.00, for a total transaction of $88,000.00. Following the completion of the sale, the director now directly owns 6,800 shares in the company, valued at $1,496,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.90% of the stock is currently owned by insiders.
Analyst Ratings Changes
Several equities analysts recently issued reports on RBC shares. Wells Fargo & Company lifted their price objective on RBC Bearings from $225.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday. Morgan Stanley upped their price objective on RBC Bearings from $286.00 to $294.00 and gave the company an “overweight” rating in a research report on Wednesday. Royal Bank of Canada upgraded RBC Bearings from a “neutral” rating to an “overweight” rating in a research report on Wednesday. Alembic Global Advisors upgraded RBC Bearings from a “neutral” rating to an “overweight” rating and set a $267.00 price objective on the stock in a research report on Wednesday. Finally, Truist Financial increased their target price on RBC Bearings from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings has an average rating of “Hold” and a consensus target price of $259.33.
Check Out Our Latest Analysis on RBC Bearings
RBC Bearings Profile
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.
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