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

New York State Teachers Retirement System boosted its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 21.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,700 shares of the industrial products company's stock after acquiring an additional 1,000 shares during the quarter. New York State Teachers Retirement System's holdings in RBC Bearings were worth $1,834,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. 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 worth $386,000 after buying an additional 77 shares in the last quarter. Lisanti Capital Growth LLC acquired a new position in shares of RBC Bearings during the 1st quarter worth $5,004,000. Golden State Wealth Management LLC raised its holdings in shares of 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 in the last quarter. Bessemer Group Inc. raised its holdings in shares of 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 buying an additional 19,133 shares in the last quarter. Finally, Longboard Asset Management LP acquired a new position in RBC Bearings in the 1st quarter worth about $213,000.

RBC Bearings Trading Down 0.4%

NYSE RBC traded down $1.57 during trading hours on Wednesday, hitting $380.03. 177,056 shares of the company's stock were exchanged, compared to its average volume of 161,105. The stock has a 50-day simple moving average of $369.12 and a 200 day simple moving average of $343.83. The firm has a market cap of $11.94 billion, a price-to-earnings ratio of 49.55, a PEG ratio of 3.95 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 Incorporated has a 1-year low of $260.53 and a 1-year high of $393.51.

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

Insiders Place Their Bets

In related news, Director Steven H. Kaplan sold 400 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was 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 of the company's stock, valued at approximately $952,868.70. This trade represents a 13.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael J. Hartnett sold 9,000 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $371.37, for a total value of $3,342,330.00. Following the completion of the sale, the chief executive officer directly owned 302,853 shares of the company's stock, valued at $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. Over the last ninety days, insiders sold 76,973 shares of company stock valued at $29,186,872. Insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on RBC. Truist Financial upped their target price on RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a report on Thursday, June 12th. The Goldman Sachs Group increased their price target on RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research note on Tuesday. Finally, Morgan Stanley reissued an "overweight" rating and issued a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Two 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 company has an average rating of "Moderate Buy" and an average target price of $398.40.

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.