New York State Common Retirement Fund Decreases Holdings in RBC Bearings Incorporated $RBC

New York State Common Retirement Fund reduced its position in RBC Bearings Incorporated (NYSE:RBC) by 5.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,681 shares of the industrial products company’s stock after selling 1,518 shares during the period. New York State Common Retirement Fund owned approximately 0.08% of RBC Bearings worth $10,413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Brown Advisory Inc. lifted its holdings in RBC Bearings by 4.7% in the second quarter. Brown Advisory Inc. now owns 685 shares of the industrial products company’s stock valued at $264,000 after acquiring an additional 31 shares during the period. Covestor Ltd increased its position in shares of RBC Bearings by 21.5% during the 3rd quarter. Covestor Ltd now owns 181 shares of the industrial products company’s stock valued at $71,000 after purchasing an additional 32 shares during the last quarter. CWM LLC increased its position in shares of RBC Bearings by 12.9% during the 3rd quarter. CWM LLC now owns 289 shares of the industrial products company’s stock valued at $113,000 after purchasing an additional 33 shares during the last quarter. Vista Finance LLC lifted its stake in shares of RBC Bearings by 4.1% in the 2nd quarter. Vista Finance LLC now owns 915 shares of the industrial products company’s stock worth $352,000 after purchasing an additional 36 shares during the period. Finally, Wedmont Private Capital lifted its stake in shares of RBC Bearings by 6.2% in the 3rd quarter. Wedmont Private Capital now owns 620 shares of the industrial products company’s stock worth $232,000 after purchasing an additional 36 shares during the period.

RBC Bearings Trading Up 1.6%

Shares of RBC stock opened at $515.00 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.13 and a current ratio of 3.18. The stock has a fifty day simple moving average of $469.99 and a two-hundred day simple moving average of $423.39. The firm has a market capitalization of $16.28 billion, a PE ratio of 62.88, a PEG ratio of 3.38 and a beta of 1.52. RBC Bearings Incorporated has a 52-week low of $297.28 and a 52-week high of $517.92.

Insiders Place Their Bets

In other RBC Bearings news, Director Steven H. Kaplan sold 700 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $443.00, for a total value of $310,100.00. Following the completion of the transaction, the director directly owned 1,999 shares in the company, valued at $885,557. This represents a 25.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RBC. Bank of America raised shares of RBC Bearings from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $390.00 to $500.00 in a report on Thursday, November 6th. KeyCorp increased their price target on shares of RBC Bearings from $475.00 to $535.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Truist Financial set a $542.00 price objective on RBC Bearings in a research note on Friday, January 9th. Finally, Deutsche Bank Aktiengesellschaft set a $527.00 target price on RBC Bearings and gave the stock a “buy” rating in a report on Wednesday, December 17th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $489.17.

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.