Maryland State Retirement & Pension System Raises Stock Holdings in RBC Bearings Incorporated $RBC

Maryland State Retirement & Pension System lifted its holdings in RBC Bearings Incorporated (NYSE:RBC) by 13.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,506 shares of the industrial products company’s stock after buying an additional 178 shares during the quarter. Maryland State Retirement & Pension System’s holdings in RBC Bearings were worth $580,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisors Asset Management Inc. purchased a new stake in shares of RBC Bearings in the first quarter worth approximately $26,000. Golden State Wealth Management LLC raised its holdings in shares of RBC Bearings by 107.1% in the first 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 during the period. Harbor Investment Advisory LLC raised its holdings in shares of RBC Bearings by 19.8% in the second quarter. Harbor Investment Advisory LLC now owns 327 shares of the industrial products company’s stock worth $126,000 after buying an additional 54 shares during the period. SVB Wealth LLC purchased a new stake in shares of RBC Bearings in the first quarter worth approximately $111,000. Finally, Hardy Reed LLC purchased a new stake in shares of RBC Bearings in the second quarter worth approximately $227,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on RBC shares. Truist Financial increased their price target on RBC Bearings from $431.00 to $455.00 and gave the stock a “buy” rating in a report on Monday, August 4th. The Goldman Sachs Group increased their price objective on RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. KeyCorp increased their price objective on RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Weiss Ratings reissued a “buy (b)” rating on shares of RBC Bearings in a research note on Wednesday, October 8th. Finally, Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, RBC Bearings has an average rating of “Moderate Buy” and a consensus target price of $429.00.

RBC Bearings Stock Up 2.1%

Shares of NYSE RBC opened at $380.55 on Tuesday. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $12.01 billion, a PE ratio of 47.93, a price-to-earnings-growth ratio of 2.88 and a beta of 1.71. RBC Bearings Incorporated has a 12-month low of $272.50 and a 12-month high of $416.33. The stock’s fifty day simple moving average is $388.19 and its two-hundred day simple moving average is $370.61.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 earnings per share for the quarter. The firm had revenue of $156.21 million during the quarter. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. As a group, analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Daniel A. Bergeron sold 48,743 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $402.75, for a total value of $19,631,243.25. Following the completion of the sale, the chief operating officer owned 111,134 shares of the company’s stock, valued at $44,759,218.50. This trade represents a 30.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John J. Feeney sold 105 shares of the firm’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $382.83, for a total value of $40,197.15. Following the completion of the sale, the vice president directly owned 2,666 shares of the company’s stock, valued at $1,020,624.78. The trade was a 3.79% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.

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.