Huntington National Bank Boosts Holdings in RBC Bearings Incorporated (NYSE:RBC)

Huntington National Bank raised its stake in RBC Bearings Incorporated (NYSE:RBC) by 18.3% during the fourth quarter, Holdings Channel reports. The fund owned 622 shares of the industrial products company’s stock after buying an additional 96 shares during the period. Huntington National Bank’s holdings in RBC Bearings were worth $186,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of RBC. FMR LLC lifted its stake in RBC Bearings by 61.3% in the third quarter. FMR LLC now owns 4,191 shares of the industrial products company’s stock valued at $1,255,000 after purchasing an additional 1,593 shares during the last quarter. Verition Fund Management LLC lifted its position in shares of RBC Bearings by 87.0% during the 3rd quarter. Verition Fund Management LLC now owns 2,296 shares of the industrial products company’s stock valued at $687,000 after buying an additional 1,068 shares during the last quarter. Centiva Capital LP bought a new position in shares of RBC Bearings during the 3rd quarter worth $524,000. HighTower Advisors LLC increased its holdings in RBC Bearings by 2.3% in the 3rd quarter. HighTower Advisors LLC now owns 8,170 shares of the industrial products company’s stock worth $2,434,000 after acquiring an additional 185 shares during the last quarter. Finally, IHT Wealth Management LLC bought a new stake in RBC Bearings in the 3rd quarter valued at about $322,000.

Insider Buying and Selling at RBC Bearings

In related news, Director Michael H. Ambrose sold 400 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the sale, the director now owns 6,728 shares in the company, valued at approximately $2,441,523.92. This trade represents a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Robert M. Sullivan sold 8,000 shares of the business’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 transaction, the chief financial officer now owns 11,382 shares of the company’s stock, 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. Insiders sold a total of 10,900 shares of company stock valued at $3,963,031 in the last three months. Company insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Morgan Stanley lifted 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. Truist Financial lifted their price objective 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 boosted their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $361.20.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $308.85 on Friday. The company has a 50 day moving average of $345.86 and a 200 day moving average of $320.54. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The stock has a market cap of $9.70 billion, a P/E ratio of 42.42, a P/E/G ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a 12 month low of $241.43 and a 12 month high of $372.83.

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.