Truist Financial Corp Sells 9,654 Shares of RBC Bearings Incorporated $RBC

Truist Financial Corp decreased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 43.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,714 shares of the industrial products company’s stock after selling 9,654 shares during the period. Truist Financial Corp’s holdings in RBC Bearings were worth $5,701,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Artisan Partners Limited Partnership increased its holdings in shares of RBC Bearings by 51.7% during the third quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock valued at $241,821,000 after acquiring an additional 211,093 shares in the last quarter. Invesco Ltd. raised its stake in shares of RBC Bearings by 60.5% in the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock worth $148,763,000 after purchasing an additional 143,710 shares during the last quarter. First Trust Advisors LP raised its stake in shares of RBC Bearings by 36.4% in the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock worth $137,669,000 after purchasing an additional 94,203 shares during the last quarter. American Century Companies Inc. raised its stake in shares of RBC Bearings by 34.8% in the third quarter. American Century Companies Inc. now owns 207,604 shares of the industrial products company’s stock worth $81,026,000 after purchasing an additional 53,622 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its stake in shares of RBC Bearings by 2,020.2% in the third quarter. Balyasny Asset Management L.P. now owns 54,276 shares of the industrial products company’s stock worth $21,183,000 after purchasing an additional 51,716 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have recently commented on RBC. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Zacks Research raised RBC Bearings from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Morgan Stanley reissued an “overweight” rating and issued a $600.00 price objective on shares of RBC Bearings in a research note on Friday, February 6th. The Goldman Sachs Group reissued a “neutral” rating and issued a $542.00 price objective on shares of RBC Bearings in a research note on Monday, February 9th. Finally, KeyCorp increased their price objective on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of “Buy” and an average price target of $574.67.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $606.44 on Friday. The stock has a fifty day simple moving average of $569.85 and a two-hundred day simple moving average of $504.53. RBC Bearings Incorporated has a 1-year low of $346.25 and a 1-year high of $632.00. The firm has a market cap of $19.18 billion, a price-to-earnings ratio of 71.35, a price-to-earnings-growth ratio of 2.90 and a beta of 1.47. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.21. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The business had revenue of $461.60 million during the quarter, compared to analyst estimates of $460.69 million. During the same period in the prior year, the company earned $2.34 earnings per share. RBC Bearings’s revenue was up 17.0% compared to the same quarter last year. Analysts anticipate that RBC Bearings Incorporated will post 11.43 earnings per share for the current year.

RBC Bearings Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.