Truist Financial Corp Has $5.70 Million Position in RBC Bearings Incorporated $RBC

Key Points

• Truist Financial cut its stake in RBC Bearings by 43.2% in the fourth quarter, selling 9,654 shares and leaving it with 12,714 shares valued at about $5.7 million.
• Several other institutional investors increased their positions, while analysts remained generally positive: RBC now has an average Buy rating and a consensus price target of $574.67.
• RBC Bearings reported strong quarterly results, beating earnings and revenue estimates, and the stock recently traded at $606.44, near its 52-week high of $632.

Truist Financial Corp lowered its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 43.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,714 shares of the industrial products company's stock after selling 9,654 shares during the quarter. Truist Financial Corp's holdings in RBC Bearings were worth $5,701,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of RBC. Advisors Asset Management Inc. acquired a new stake in RBC Bearings in the 1st quarter valued at approximately $26,000. AQR Capital Management LLC raised its position in RBC Bearings by 27.8% in the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company's stock valued at $417,000 after buying an additional 282 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in RBC Bearings by 32.7% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company's stock valued at $395,000 after buying an additional 303 shares during the last quarter. Jones Financial Companies Lllp raised its position in RBC Bearings by 64.1% in the 1st quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company's stock valued at $357,000 after buying an additional 434 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in RBC Bearings by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company's stock valued at $68,133,000 after buying an additional 4,253 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RBC. The Goldman Sachs Group reissued a "neutral" rating and issued a $542.00 target price on shares of RBC Bearings in a research report on Monday, February 9th. Wall Street Zen downgraded RBC Bearings from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Morgan Stanley reiterated an "overweight" rating and set a $600.00 target price on shares of RBC Bearings in a research note on Friday, February 6th. Truist Financial upgraded RBC Bearings to a "strong-buy" rating in a research note on Friday, May 1st. Finally, KeyCorp lifted their target price 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 issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $574.67.

RBC Bearings Price Performance

RBC Bearings stock opened at $606.44 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86. RBC Bearings Incorporated has a 52 week low of $346.25 and a 52 week high of $632.00. The stock has a market capitalization of $19.18 billion, a P/E ratio of 71.35, a price-to-earnings-growth ratio of 2.90 and a beta of 1.47. The stock has a fifty day moving average of $569.85 and a 200-day moving average of $504.53.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 earnings per share for the quarter, topping analysts' consensus estimates of $2.83 by $0.21. The business had revenue of $461.60 million for the quarter, compared to analyst estimates of $460.69 million. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.RBC Bearings's quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.34 EPS. On average, sell-side analysts expect that RBC Bearings Incorporated will post 11.43 earnings per share for the current fiscal 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.

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