Synovus Financial Corp Purchases 1,554 Shares of RBC Bearings Incorporated (NYSE:RBC)

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

Several other large investors have also recently modified their holdings of RBC. R Squared Ltd acquired a new position in shares of RBC Bearings during the fourth quarter worth $30,000. Golden State Wealth Management LLC acquired a new position in RBC Bearings during the 4th quarter valued at about $38,000. UMB Bank n.a. raised its stake in RBC Bearings by 84.9% in the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock valued at $51,000 after buying an additional 79 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in RBC Bearings in the fourth quarter worth about $82,000. Finally, Venturi Wealth Management LLC boosted its holdings in RBC Bearings by 2,405.3% in the fourth quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company’s stock worth $142,000 after acquiring an additional 457 shares in the last quarter.

Insider Transactions at RBC Bearings

In other news, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction dated 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 sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 2,500 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $367.95, for a total value of $919,875.00. Following the sale, the chief executive officer now directly owns 320,088 shares in the company, valued at approximately $117,776,379.60. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,900 shares of company stock worth $3,963,031 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $332.52 on Monday. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month high of $372.83. The company’s 50 day moving average is $343.75 and its 200 day moving average is $321.62. The company has a market cap of $10.44 billion, a PE ratio of 45.68, a price-to-earnings-growth ratio of 4.42 and a beta of 1.60.

Analyst Ratings Changes

RBC has been the subject of several research analyst reports. Morgan Stanley increased 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. Truist Financial upped their price target on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, KeyCorp lifted 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. Three 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, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus target price of $361.20.

RBC Bearings 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.