Synovus Financial Corp Boosts Holdings in RBC Bearings Incorporated (ROLL)

Synovus Financial Corp raised its holdings in shares of RBC Bearings Incorporated (NASDAQ:ROLL) by 164.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 940 shares of the industrial products company’s stock after purchasing an additional 584 shares during the period. Synovus Financial Corp’s holdings in RBC Bearings were worth $141,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ROLL. Wasatch Advisors Inc. increased its position in RBC Bearings by 14.6% during the 2nd quarter. Wasatch Advisors Inc. now owns 1,489,038 shares of the industrial products company’s stock valued at $191,803,000 after purchasing an additional 189,861 shares during the period. Janus Henderson Group PLC grew its position in shares of RBC Bearings by 16.9% in the 2nd quarter. Janus Henderson Group PLC now owns 554,654 shares of the industrial products company’s stock worth $71,445,000 after buying an additional 80,370 shares during the last quarter. BlackRock Inc. grew its position in shares of RBC Bearings by 2.6% in the 2nd quarter. BlackRock Inc. now owns 2,203,042 shares of the industrial products company’s stock worth $283,774,000 after buying an additional 55,182 shares during the last quarter. Standard Life Aberdeen plc grew its position in shares of RBC Bearings by 15.5% in the 2nd quarter. Standard Life Aberdeen plc now owns 310,004 shares of the industrial products company’s stock worth $39,932,000 after buying an additional 41,703 shares during the last quarter. Finally, Waddell & Reed Financial Inc. grew its position in shares of RBC Bearings by 7.0% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 378,097 shares of the industrial products company’s stock worth $48,703,000 after buying an additional 24,890 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have recently issued reports on the stock. BidaskClub downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Thursday. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research report on Thursday, September 27th. Zacks Investment Research downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Tuesday, August 21st. Finally, Royal Bank of Canada reaffirmed a “sell” rating on shares of RBC Bearings in a research report on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $143.50.

In other RBC Bearings news, Director Mitchell I. Quain sold 6,500 shares of the business’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $140.19, for a total transaction of $911,235.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael J. Hartnett sold 5,500 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $154.04, for a total transaction of $847,220.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 149,137 shares of company stock worth $22,660,927. Insiders own 3.10% of the company’s stock.

Shares of RBC Bearings stock opened at $160.10 on Friday. The company has a current ratio of 5.71, a quick ratio of 2.12 and a debt-to-equity ratio of 0.14. RBC Bearings Incorporated has a 52-week low of $111.61 and a 52-week high of $169.84. The company has a market capitalization of $3.99 billion, a PE ratio of 41.37, a PEG ratio of 5.68 and a beta of 1.36.

RBC Bearings (NASDAQ:ROLL) last issued its quarterly earnings data on Friday, November 2nd. The industrial products company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.14. RBC Bearings had a net margin of 15.54% and a return on equity of 12.94%. The firm had revenue of $172.92 million for the quarter, compared to the consensus estimate of $174.30 million. During the same quarter in the previous year, the firm earned $0.83 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities research analysts expect that RBC Bearings Incorporated will post 4.83 earnings per share for the current fiscal year.

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RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in North America, Europe, Asia, and Latin America. It operates in four segments: Plain Bearings, Roller Bearings, Ball Bearings, and Engineered Products. The Plain Bearings segment produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings that are primarily used to rectify inevitable misalignments in various mechanical components, such as aircraft controls, helicopter rotors, or in heavy mining and construction equipment.

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Institutional Ownership by Quarter for RBC Bearings (NASDAQ:ROLL)

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