California Public Employees Retirement System Has $28.16 Million Holdings in RBC Bearings Incorporated $RBC

California Public Employees Retirement System lifted its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,856 shares of the industrial products company’s stock after acquiring an additional 944 shares during the period. California Public Employees Retirement System owned approximately 0.16% of RBC Bearings worth $28,164,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Comerica Bank boosted its position in shares of RBC Bearings by 19.5% during the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock worth $40,486,000 after buying an additional 14,747 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of RBC Bearings by 263.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock worth $1,788,000 after buying an additional 2,709 shares in the last quarter. Fifth Third Bancorp raised its position in RBC Bearings by 12,957.3% in the 1st quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company’s stock valued at $40,707,000 after buying an additional 74,375 shares during the last quarter. M&T Bank Corp raised its position in RBC Bearings by 372.6% in the 4th quarter. M&T Bank Corp now owns 23,640 shares of the industrial products company’s stock valued at $10,601,000 after buying an additional 18,638 shares during the last quarter. Finally, Bessemer Group Inc. lifted its stake in RBC Bearings by 9.6% in the 4th quarter. Bessemer Group Inc. now owns 83,865 shares of the industrial products company’s stock valued at $37,607,000 after acquiring an additional 7,315 shares in the last quarter.

Insider Buying and Selling

In other news, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the transaction, the vice president owned 2,378 shares of the company’s stock, valued at $1,564,581.32. This trade represents a 8.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 24th. The shares were 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 of the company’s stock, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,425 shares of company stock worth $885,400. Insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RBC. Truist Financial reaffirmed a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Morgan Stanley boosted their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 15th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Stock Up 2.7%

RBC stock opened at $584.13 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The business has a 50 day moving average price of $597.69 and a two-hundred day moving average price of $565.13. The company has a market cap of $18.48 billion, a price-to-earnings ratio of 64.26, a P/E/G ratio of 3.26 and a beta of 1.40. RBC Bearings Incorporated has a twelve month low of $364.50 and a twelve month high of $667.69.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.31. The firm had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.83 EPS. Analysts anticipate that RBC Bearings Incorporated will post 13.59 EPS for the current fiscal year.

RBC Bearings Profile

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.