Teachers Retirement System of The State of Kentucky Has $8.25 Million Holdings in RBC Bearings Incorporated $RBC

Key Points

• Teachers Retirement System of Kentucky boosted its RBC Bearings stake by 55.8% in Q1, ending with 15,186 shares worth about $8.25 million.
• RBC Bearings reported better-than-expected quarterly results, with EPS of $3.62 versus $3.31 expected and revenue of $518 million, up 18.3% year over year.
• Despite the strong earnings, the stock was down 1.9% in trading, while analysts remain generally positive with a Moderate Buy consensus and a $584 average price target.

Teachers Retirement System of The State of Kentucky increased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 55.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,186 shares of the industrial products company's stock after acquiring an additional 5,440 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in RBC Bearings were worth $8,248,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Advisors Asset Management Inc. bought a new position in shares of RBC Bearings during the first quarter worth approximately $26,000. SBI Securities Co. Ltd. grew its position in RBC Bearings by 106.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company's stock worth $29,000 after buying an additional 33 shares in the last quarter. Larson Financial Group LLC increased its stake in RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company's stock worth $32,000 after acquiring an additional 49 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in RBC Bearings in the 4th quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company's stock valued at $37,000 after acquiring an additional 53 shares during the period.

RBC Bearings Trading Down 1.9%

RBC opened at $584.38 on Tuesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The company's 50 day moving average price is $601.44 and its two-hundred day moving average price is $559.81. The firm has a market capitalization of $18.49 billion, a price-to-earnings ratio of 64.29, a PEG ratio of 3.41 and a beta of 1.40.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.31. The firm had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The company's revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.83 earnings per share. As a group, research analysts predict that RBC Bearings Incorporated will post 13.59 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Dolores J. Ennico sold 600 shares of the firm's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares in the company, valued at $4,614,341.94. This trade represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the transaction, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,425 shares of company stock valued at $885,400 in the last three months. Insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RBC shares. Morgan Stanley boosted their price target on RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a research note on Tuesday, May 19th. Wall Street Zen cut shares of RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Weiss Ratings lowered shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. Truist Financial reissued a "buy" rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Finally, Zacks Research cut RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $584.00.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company's product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company's bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.

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