Synovus Financial Corp Increases Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Synovus Financial Corp increased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 11.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,384 shares of the industrial products company's stock after purchasing 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.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of RBC Bearings by 8.5% during the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock valued at $879,149,000 after purchasing an additional 229,466 shares during the last quarter. Geode Capital Management LLC raised its stake in RBC Bearings by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company's stock valued at $151,944,000 after buying an additional 25,268 shares during the last quarter. Maren Capital LLC boosted its holdings in RBC Bearings by 6.5% in the fourth quarter. Maren Capital LLC now owns 403,803 shares of the industrial products company's stock worth $120,794,000 after acquiring an additional 24,690 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of RBC Bearings by 6.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 316,240 shares of the industrial products company's stock valued at $94,600,000 after acquiring an additional 20,229 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of RBC Bearings in the 4th quarter valued at approximately $88,184,000.

Insider Buying and Selling

In related news, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction that occurred on Thursday, February 6th. The shares were 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 in the company, valued at approximately $117,776,379.60. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of RBC Bearings stock in a transaction on 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 $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 three months, insiders sold 10,900 shares of company stock worth $3,963,031. Company insiders own 2.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Morgan Stanley raised their target price on 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 dropped their price objective on shares of RBC Bearings from $410.00 to $375.00 and set a "buy" rating on the stock in a report on Thursday. 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 research report on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $354.20.

RBC Bearings Trading Up 0.5 %

NYSE:RBC traded up $1.51 on Friday, hitting $321.48. The stock had a trading volume of 277,875 shares, compared to its average volume of 162,134. The company has a fifty day moving average price of $340.76 and a two-hundred day moving average price of $322.08. The stock has a market cap of $10.10 billion, a price-to-earnings ratio of 44.16, a PEG ratio of 4.42 and a beta of 1.60. 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 Incorporated has a 1-year low of $241.43 and a 1-year high of $372.83.

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.