RBC Bearings Incorporated (NYSE:RBC) Stake Increased by New York State Teachers Retirement System

New York State Teachers Retirement System raised its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 21.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RBC. KBC Group NV raised its holdings in shares of RBC Bearings by 6.9% during the 1st quarter. KBC Group NV now owns 1,201 shares of the industrial products company's stock valued at $386,000 after purchasing an additional 77 shares in the last quarter. Lisanti Capital Growth LLC acquired a new position in shares of RBC Bearings in the 1st quarter valued at $5,004,000. Golden State Wealth Management LLC raised its stake in RBC Bearings by 107.1% during the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock worth $85,000 after buying an additional 136 shares during the period. Bessemer Group Inc. increased its holdings in RBC Bearings by 24.5% during the 1st quarter. Bessemer Group Inc. now owns 97,070 shares of the industrial products company's stock worth $31,234,000 after purchasing an additional 19,133 shares in the last quarter. Finally, Longboard Asset Management LP bought a new position in shares of RBC Bearings in the 1st quarter valued at about $213,000.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Morgan Stanley restated an "overweight" rating and set a $415.00 target price (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. The Goldman Sachs Group boosted their price target on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, Truist Financial boosted their price target 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. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $398.40.

Insider Buying and Selling at RBC Bearings

In related news, COO Daniel A. Bergeron sold 31,282 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $380.28, for a total transaction of $11,895,918.96. Following the completion of the sale, the chief operating officer owned 111,134 shares of the company's stock, valued at approximately $42,262,037.52. This represents a 21.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael H. Ambrose sold 595 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total transaction of $218,555.40. Following the completion of the sale, the director directly owned 6,985 shares of the company's stock, valued at $2,565,730.20. This trade represents a 7.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,973 shares of company stock valued at $29,186,872. Insiders own 2.60% of the company's stock.

RBC Bearings Stock Performance

NYSE:RBC traded down $0.94 during trading hours on Friday, hitting $377.97. 145,803 shares of the company were exchanged, compared to its average volume of 160,835. The company's 50 day moving average price is $371.71 and its 200-day moving average price is $345.38. The stock has a market capitalization of $11.87 billion, a price-to-earnings ratio of 49.28, a PEG ratio of 3.86 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18. RBC Bearings Incorporated has a 52-week low of $260.53 and a 52-week high of $393.51.

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

About RBC Bearings

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.