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

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

A number of other institutional investors have also recently bought and sold shares of RBC. KBC Group NV boosted its position in 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 acquiring an additional 77 shares during the period. Lisanti Capital Growth LLC bought a new position in shares of RBC Bearings in the 1st quarter valued at approximately $5,004,000. Golden State Wealth Management LLC raised its stake in shares of RBC Bearings by 107.1% in the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after acquiring an additional 136 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of RBC Bearings by 24.5% in the 1st quarter. Bessemer Group Inc. now owns 97,070 shares of the industrial products company's stock valued at $31,234,000 after acquiring an additional 19,133 shares in the last quarter. Finally, Longboard Asset Management LP bought a new position in RBC Bearings in the 1st quarter worth approximately $213,000.

Insider Transactions at RBC Bearings

In related news, CEO Michael J. Hartnett sold 26,725 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the completion of the transaction, the chief executive officer directly owned 316,853 shares of the company's stock, valued at approximately $120,749,509.77. This represents a 7.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael H. Ambrose sold 595 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total value of $218,555.40. Following the completion of the sale, the director directly owned 6,985 shares of the company's stock, valued at approximately $2,565,730.20. The trade was a 7.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,973 shares of company stock valued at $29,186,872 over the last three months. 2.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on RBC. Truist Financial boosted their price objective on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Morgan Stanley reissued an "overweight" rating and issued a $415.00 price objective (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Finally, The Goldman Sachs Group upped 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. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, RBC Bearings presently has an average rating of "Moderate Buy" and an average target price of $398.40.

RBC Bearings Stock Down 1.3%

Shares of RBC Bearings stock opened at $381.99 on Wednesday. RBC Bearings Incorporated has a 1 year low of $260.53 and a 1 year high of $393.51. The business has a 50-day moving average of $369.12 and a two-hundred day moving average of $343.83. The company has a market capitalization of $12.00 billion, a P/E ratio of 49.80, a price-to-earnings-growth ratio of 3.95 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 (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. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The company had revenue of $437.70 million during the quarter, compared to the consensus estimate of $440.26 million. During the same period in the prior year, the company earned $2.47 earnings per share. The company's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

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.

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