New York State Teachers Retirement System Boosts Stake in RBC Bearings Incorporated (NYSE:RBC)

New York State Teachers Retirement System boosted its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,500 shares of the industrial products company’s stock after acquiring an additional 100 shares during the period. New York State Teachers Retirement System’s holdings in RBC Bearings were worth $1,282,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RBC. First Capital Advisors Group LLC. acquired a new position in shares of RBC Bearings during the 2nd quarter worth approximately $26,000. LWM Advisory Services LLC purchased a new position in RBC Bearings during the third quarter worth approximately $31,000. Compass Wealth Management LLC acquired a new position in RBC Bearings during the first quarter worth $34,000. Stephens Inc. AR purchased a new stake in RBC Bearings in the 1st quarter valued at $36,000. Finally, First Manhattan CO. LLC. acquired a new stake in shares of RBC Bearings in the 1st quarter worth $40,000.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RBC. Truist Financial upped their price objective on shares of RBC Bearings from $271.00 to $309.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. Citigroup increased their price target on shares of RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.86.

Insiders Place Their Bets

In other news, COO Daniel A. Bergeron sold 15,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total value of $4,008,300.00. Following the completion of the transaction, the chief operating officer now owns 121,935 shares in the company, valued at approximately $32,583,470.70. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.90% of the stock is owned by company insiders.

RBC Bearings Stock Performance

NYSE RBC opened at $246.54 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.28 and a quick ratio of 1.12. The company has a market cap of $6.95 billion, a P/E ratio of 41.23, a P/E/G ratio of 4.80 and a beta of 1.45. The stock has a 50-day moving average of $265.84 and a two-hundred day moving average of $258.21. RBC Bearings Incorporated has a 1-year low of $195.18 and a 1-year high of $288.16.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Thursday, February 8th. The industrial products company reported $1.75 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.08). The business had revenue of $373.91 million during the quarter, compared to analyst estimates of $376.61 million. RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. As a group, analysts anticipate that RBC Bearings Incorporated will post 8.1 EPS for the current year.

RBC Bearings Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.