Zions Bancorporation N.A. Buys 1,609 Shares of RBC Bearings Incorporated (NYSE:RBC)

Zions Bancorporation N.A. boosted its stake in RBC Bearings Incorporated (NYSE:RBC) by 21.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 9,094 shares of the industrial products company’s stock after buying an additional 1,609 shares during the period. Zions Bancorporation N.A.’s holdings in RBC Bearings were worth $2,720,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of RBC Bearings by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 296,011 shares of the industrial products company’s stock worth $88,620,000 after purchasing an additional 2,859 shares during the last quarter. Raymond James Trust N.A. grew its stake in RBC Bearings by 2.6% during the third quarter. Raymond James Trust N.A. now owns 2,116 shares of the industrial products company’s stock worth $633,000 after buying an additional 53 shares during the last quarter. Citigroup Inc. grew its stake in RBC Bearings by 7.0% during the third quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company’s stock worth $8,130,000 after buying an additional 1,770 shares during the last quarter. Cerity Partners LLC increased its holdings in shares of RBC Bearings by 34.4% during the third quarter. Cerity Partners LLC now owns 11,240 shares of the industrial products company’s stock worth $3,365,000 after buying an additional 2,876 shares in the last quarter. Finally, Centaurus Financial Inc. raised its stake in shares of RBC Bearings by 233.1% in the third quarter. Centaurus Financial Inc. now owns 2,851 shares of the industrial products company’s stock valued at $854,000 after acquiring an additional 1,995 shares during the last quarter.

RBC Bearings Price Performance

RBC Bearings stock opened at $332.89 on Wednesday. The business’s 50-day simple moving average is $343.98 and its 200 day simple moving average is $318.52. 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 stock has a market cap of $10.46 billion, a price-to-earnings ratio of 45.73, a P/E/G ratio of 4.42 and a beta of 1.72. RBC Bearings Incorporated has a 12-month low of $241.43 and a 12-month high of $372.83.

Insider Activity

In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the sale, the director now owns 6,728 shares in the company, valued at approximately $2,441,523.92. The trade was a 5.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Robert M. Sullivan sold 8,000 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total value of $2,898,000.00. Following the completion of the transaction, the chief financial officer now owns 11,382 shares in the company, valued at $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,900 shares of company stock valued at $3,963,031. 2.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RBC shares. KeyCorp increased their price target on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. William Blair restated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Truist Financial lifted their price target on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Finally, Morgan Stanley raised their price objective on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $361.20.

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.