RBC Bearings Incorporated (NYSE:RBC) Shares Purchased by Synovus Financial Corp

Synovus Financial Corp lifted its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 11.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,384 shares of the industrial products company's stock after purchasing an additional 1,554 shares during the quarter. Synovus Financial Corp's holdings in RBC Bearings were worth $4,602,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of RBC Bearings by 61.3% during the third quarter. FMR LLC now owns 4,191 shares of the industrial products company's stock valued at $1,255,000 after acquiring an additional 1,593 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of RBC Bearings by 18.5% during the third quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company's stock valued at $4,951,000 after buying an additional 2,584 shares during the last quarter. Barclays PLC increased its position in shares of RBC Bearings by 162.2% in the 3rd quarter. Barclays PLC now owns 21,030 shares of the industrial products company's stock valued at $6,296,000 after acquiring an additional 13,010 shares during the period. Geode Capital Management LLC lifted its position in RBC Bearings by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company's stock worth $144,490,000 after acquiring an additional 5,040 shares during the period. Finally, SkyView Investment Advisors LLC increased its holdings in shares of RBC Bearings by 1.6% in the third quarter. SkyView Investment Advisors LLC now owns 3,621 shares of the industrial products company's stock valued at $1,084,000 after purchasing an additional 58 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. KeyCorp boosted their price objective on RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Morgan Stanley boosted their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 4th. Finally, Truist Financial lowered their price objective on RBC Bearings from $410.00 to $375.00 and set a "buy" rating on the stock in a report on Thursday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $354.20.

Insiders Place Their Bets

In related news, CFO Robert M. Sullivan sold 8,000 shares of the business's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $362.25, for a total value of $2,898,000.00. Following the sale, the chief financial officer now directly owns 11,382 shares in the company, valued at approximately $4,123,129.50. The trade was a 41.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael H. Ambrose sold 400 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total transaction of $145,156.00. Following the transaction, the director now directly owns 6,728 shares of the company's stock, valued at $2,441,523.92. The trade was a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,900 shares of company stock valued at $3,963,031 in the last three months. 2.60% of the stock is currently owned by insiders.

RBC Bearings Price Performance

Shares of RBC Bearings stock traded up $1.51 on Friday, hitting $321.48. 277,875 shares of the company were exchanged, compared to its average volume of 162,171. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The company has a 50-day moving average price of $339.89 and a 200 day moving average price of $322.21. The stock has a market capitalization of $10.10 billion, a price-to-earnings ratio of 44.16, a price-to-earnings-growth ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a 1-year low of $241.43 and a 1-year high of $372.83.

About RBC Bearings

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