Truist Financial Cuts RBC Bearings (NYSE:RBC) Price Target to $375.00

RBC Bearings (NYSE:RBC) had its price objective lowered by Truist Financial from $410.00 to $375.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective would suggest a potential upside of 15.90% from the company’s current price.

RBC has been the topic of several other reports. KeyCorp upped their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Morgan Stanley upped their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus target price of $354.20.

RBC Bearings Price Performance

RBC Bearings stock traded up $3.60 during mid-day trading on Thursday, hitting $323.57. 21,189 shares of the company were exchanged, compared to its average volume of 161,123. The business has a fifty day moving average of $341.58 and a 200 day moving average of $321.93. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. RBC Bearings has a 1-year low of $241.43 and a 1-year high of $372.83. The company has a market capitalization of $10.16 billion, a PE ratio of 44.15, a price-to-earnings-growth ratio of 4.42 and a beta of 1.60.

Insiders Place Their Bets

In other news, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the sale, the chief executive officer now owns 320,088 shares of the company’s stock, valued at approximately $117,776,379.60. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Robert M. Sullivan sold 8,000 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the transaction, the chief financial officer now owns 11,382 shares in the company, valued at approximately $4,123,129.50. The trade was a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,900 shares of company stock worth $3,963,031. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of RBC Bearings

Institutional investors and hedge funds have recently bought and sold shares of the business. Vista Finance LLC boosted its position in RBC Bearings by 6.9% during the first quarter. Vista Finance LLC now owns 879 shares of the industrial products company’s stock worth $283,000 after purchasing an additional 57 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of RBC Bearings during the 1st quarter worth about $253,000. Fifth Third Bancorp grew its stake in RBC Bearings by 15.8% in the 1st quarter. Fifth Third Bancorp now owns 690 shares of the industrial products company’s stock valued at $222,000 after buying an additional 94 shares during the last quarter. GAMMA Investing LLC raised its holdings in RBC Bearings by 21.1% in the 1st quarter. GAMMA Investing LLC now owns 626 shares of the industrial products company’s stock valued at $201,000 after acquiring an additional 109 shares during the period. Finally, Bridge City Capital LLC lifted its position in RBC Bearings by 0.3% during the first quarter. Bridge City Capital LLC now owns 23,857 shares of the industrial products company’s stock worth $7,676,000 after acquiring an additional 61 shares during the last quarter.

RBC Bearings Company Profile

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.