RBC Bearings Incorporated $RBC Shares Purchased by New York State Teachers Retirement System

New York State Teachers Retirement System boosted its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 10.5% in the second quarter, HoldingsChannel.com reports. The fund owned 6,300 shares of the industrial products company’s stock after acquiring an additional 600 shares during the quarter. New York State Teachers Retirement System’s holdings in RBC Bearings were worth $2,424,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of RBC. Advisors Asset Management Inc. purchased a new position in shares of RBC Bearings in the first quarter worth about $26,000. Golden State Wealth Management LLC raised its position in RBC Bearings by 107.1% during the 1st 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 last quarter. IFP Advisors Inc raised its position in RBC Bearings by 51.6% during the 2nd quarter. IFP Advisors Inc now owns 291 shares of the industrial products company’s stock worth $112,000 after buying an additional 99 shares during the last quarter. Harbor Investment Advisory LLC lifted its stake in RBC Bearings by 19.8% during the 2nd quarter. Harbor Investment Advisory LLC now owns 327 shares of the industrial products company’s stock valued at $126,000 after acquiring an additional 54 shares during the period. Finally, SVB Wealth LLC purchased a new stake in shares of RBC Bearings in the 1st quarter valued at $111,000.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RBC shares. The Goldman Sachs Group raised their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. KeyCorp upped their target price on RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft set a $503.00 price target on RBC Bearings and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of RBC Bearings in a research report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and an average target price of $429.00.

Insiders Place Their Bets

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

RBC Bearings Stock Performance

NYSE RBC opened at $392.74 on Wednesday. The stock has a market capitalization of $12.39 billion, a price-to-earnings ratio of 49.46, a PEG ratio of 2.99 and a beta of 1.71. The stock has a 50-day moving average of $385.55 and a 200 day moving average of $372.62. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. RBC Bearings Incorporated has a twelve month low of $272.50 and a twelve month high of $416.33.

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

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.