California State Teachers Retirement System Purchases 6,164 Shares of RBC Bearings Incorporated $RBC

California State Teachers Retirement System raised its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 21.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,683 shares of the industrial products company's stock after buying an additional 6,164 shares during the period. California State Teachers Retirement System owned about 0.11% of RBC Bearings worth $18,837,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Ritholtz Wealth Management grew its position in RBC Bearings by 2.9% in the 1st quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company's stock valued at $323,000 after acquiring an additional 17 shares during the last quarter. Assetmark Inc. lifted its position in shares of RBC Bearings by 3.5% during the first quarter. Assetmark Inc. now owns 557 shares of the industrial products company's stock worth $303,000 after purchasing an additional 19 shares during the last quarter. Lido Advisors LLC lifted its position in shares of RBC Bearings by 3.5% during the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company's stock worth $278,000 after purchasing an additional 22 shares during the last quarter. UMB Bank n.a. lifted its position in shares of RBC Bearings by 7.1% during the fourth quarter. UMB Bank n.a. now owns 348 shares of the industrial products company's stock worth $156,000 after purchasing an additional 23 shares during the last quarter. Finally, Millstone Evans Group LLC boosted its stake in shares of RBC Bearings by 45.3% during the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 24 shares during the period.

Insider Transactions at RBC Bearings

In related news, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the transaction, the vice president directly owned 2,378 shares of the company's stock, valued at $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Edward Stewart sold 600 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the transaction, the director directly owned 21,337 shares of the company's stock, valued at $12,649,213.71. This trade represents a 2.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,425 shares of company stock valued at $885,400. Company insiders own 1.80% of the company's stock.

Analyst Ratings Changes

RBC has been the topic of a number of research analyst reports. Morgan Stanley upped their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a report on Tuesday, May 19th. Truist Financial reiterated a "buy" rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Zacks Research cut shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 3rd. Weiss Ratings downgraded shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday. Finally, Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $584.00.

RBC Bearings Stock Performance

RBC stock opened at $552.76 on Monday. RBC Bearings Incorporated has a 1-year low of $364.50 and a 1-year high of $667.69. The business has a 50-day moving average price of $597.68 and a 200 day moving average price of $571.04. The company has a market capitalization of $17.50 billion, a P/E ratio of 54.62, a PEG ratio of 3.14 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.53 and a quick ratio of 0.98.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.46. The company had revenue of $519.50 million for the quarter, compared to analysts' expectations of $508.92 million. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The firm's quarterly revenue was up 19.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.84 EPS. As a group, equities research analysts forecast that RBC Bearings Incorporated will post 13.66 EPS for the current fiscal year.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company's product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company's bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.

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