New York State Teachers Retirement System Acquires 1,000 Shares of RBC Bearings Incorporated (NYSE:RBC)

New York State Teachers Retirement System raised its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 21.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,700 shares of the industrial products company's stock after buying an additional 1,000 shares during the period. New York State Teachers Retirement System's holdings in RBC Bearings were worth $1,834,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of RBC. Norges Bank acquired a new position in shares of RBC Bearings in the 4th quarter worth approximately $88,184,000. Vanguard Group Inc. grew its stake in shares of RBC Bearings by 8.5% in the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock worth $879,149,000 after purchasing an additional 229,466 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of RBC Bearings by 38,860.9% in the 1st quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company's stock worth $64,813,000 after purchasing an additional 200,911 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of RBC Bearings by 32.6% in the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock worth $159,998,000 after purchasing an additional 131,614 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of RBC Bearings by 63.5% in the 4th quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company's stock worth $94,427,000 after purchasing an additional 122,552 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RBC shares. The Goldman Sachs Group lifted their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research note on Tuesday. Truist Financial lifted their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $415.00 target price (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Two 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 stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $398.40.

RBC Bearings Trading Up 0.5%

Shares of RBC traded up $2.01 during midday trading on Thursday, hitting $381.83. The stock had a trading volume of 54,365 shares, compared to its average volume of 160,366. RBC Bearings Incorporated has a fifty-two week low of $260.53 and a fifty-two week high of $393.51. The business has a 50-day simple moving average of $370.15 and a two-hundred day simple moving average of $344.08. The firm has a market cap of $11.99 billion, a P/E ratio of 49.80, a price-to-earnings-growth ratio of 3.89 and a beta of 1.65. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.70 by $0.13. The company had revenue of $437.70 million during the quarter, compared to analysts' expectations of $440.26 million. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The business's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the company posted $2.47 earnings per share. As a group, equities analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Insider Activity at RBC Bearings

In related news, Director Steven H. Kaplan sold 400 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $381.30, for a total transaction of $152,520.00. Following the completion of the sale, the director directly owned 2,499 shares in the company, valued at approximately $952,868.70. This trade represents a 13.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Hartnett sold 9,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $371.37, for a total transaction of $3,342,330.00. Following the sale, the chief executive officer owned 302,853 shares of the company's stock, valued at approximately $112,470,518.61. This represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,973 shares of company stock valued at $29,186,872. 2.60% of the stock is owned by company insiders.

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.