Huntington National Bank Purchases 96 Shares of RBC Bearings Incorporated (NYSE:RBC)

Huntington National Bank grew its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 18.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 622 shares of the industrial products company’s stock after acquiring an additional 96 shares during the period. Huntington National Bank’s holdings in RBC Bearings were worth $186,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. R Squared Ltd acquired a new stake in RBC Bearings during the fourth quarter worth approximately $30,000. Golden State Wealth Management LLC bought a new position in shares of RBC Bearings during the 4th quarter worth approximately $38,000. UMB Bank n.a. grew its position in shares of RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock worth $51,000 after buying an additional 79 shares during the period. Harbor Investment Advisory LLC bought a new stake in shares of RBC Bearings in the 4th quarter valued at $82,000. Finally, Quarry LP lifted its position in shares of RBC Bearings by 1,003.7% during the 3rd quarter. Quarry LP now owns 298 shares of the industrial products company’s stock valued at $89,000 after acquiring an additional 271 shares during the period.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $308.85 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. The firm’s 50-day simple moving average is $345.86 and its 200 day simple moving average is $320.54. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of 42.42, a PEG ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a fifty-two week low of $241.43 and a fifty-two week high of $372.83.

Insider Activity

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the company’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 completion of the sale, the chief financial officer now directly owns 11,382 shares of the company’s stock, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction of $919,875.00. Following the transaction, the chief executive officer now directly owns 320,088 shares in the company, valued at approximately $117,776,379.60. This represents a 0.77 % decrease in their position. 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 corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RBC. Morgan Stanley raised their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. KeyCorp raised their target price on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Truist Financial boosted their target price on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $361.20.

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.