RBC Bearings Incorporated $RBC Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System cut its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 4.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,011 shares of the industrial products company's stock after selling 1,672 shares during the quarter. California State Teachers Retirement System owned about 0.10% of RBC Bearings worth $21,261,065 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Wedmont Private Capital grew its position in shares of RBC Bearings by 5.0% in the 2nd quarter. Wedmont Private Capital now owns 667 shares of the industrial products company's stock valued at $397,000 after purchasing an additional 32 shares during the period. HB Wealth Management LLC lifted its position in RBC Bearings by 41.4% in the 2nd quarter. HB Wealth Management LLC now owns 2,186 shares of the industrial products company's stock worth $1,408,000 after buying an additional 640 shares during the last quarter. SVRN Asset Management LLC bought a new stake in shares of RBC Bearings during the 2nd quarter valued at about $1,052,000. Comprehensive Financial Planning Inc. PA bought a new stake in shares of RBC Bearings in the second quarter worth approximately $366,000. Finally, Tribune Investment Group LP bought a new stake in RBC Bearings during the second quarter worth approximately $4,811,000.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Raymond James Financial raised shares of RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 target price for the company in a research note on Monday, August 3rd. Weiss Ratings lowered RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 27th. Truist Financial increased their price objective on RBC Bearings from $615.00 to $646.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. Royal Bank Of Canada set a $600.00 price objective on shares of RBC Bearings in a research report on Monday. Finally, Morgan Stanley upped their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a research note on Tuesday, May 19th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $615.44.

RBC Bearings Stock Performance

Shares of NYSE RBC traded up $1.86 during midday trading on Tuesday, reaching $480.67. The company had a trading volume of 146,130 shares, compared to its average volume of 230,659. The stock has a market cap of $15.22 billion, a P/E ratio of 47.52, a P/E/G ratio of 2.65 and a beta of 1.39. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69. The business's 50-day simple moving average is $544.14 and its 200 day simple moving average is $570.14. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.42 by $0.46. The business had revenue of $519.50 million for the quarter, compared to analyst estimates of $508.92 million. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The company's revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period last year, the firm posted $2.84 earnings per share. On average, analysts forecast that RBC Bearings Incorporated will post 14.12 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the sale, the director directly owned 7,254 shares in the company, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John J. Feeney sold 225 shares of the firm's stock in a transaction dated 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 in the company, valued at $1,564,581.32. This trade represents a 8.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.80% of the company's stock.

RBC Bearings Profile

RBC Bearings Incorporated is a manufacturer of highly engineered bearings and motion-control components. The company designs and produces products used to reduce friction, support rotating or moving equipment, and manage loads in demanding operating environments. Its offerings include plain bearings, roller bearings, ball bearings, spherical bearings, rod ends, thrust bearings, and specialty bearing assemblies.

The company supplies components for aerospace and defense applications, industrial machinery, transportation equipment, construction and mining systems, medical devices, and energy-related equipment.

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