California Public Employees Retirement System Has $13.61 Million Position in RBC Bearings Incorporated (NYSE:RBC)

California Public Employees Retirement System lessened its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 7.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 45,479 shares of the industrial products company’s stock after selling 3,666 shares during the quarter. California Public Employees Retirement System’s holdings in RBC Bearings were worth $13,605,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RBC. R Squared Ltd acquired a new stake in shares of RBC Bearings in the 4th quarter valued at approximately $30,000. Golden State Wealth Management LLC bought a new stake in RBC Bearings in the fourth quarter valued at approximately $38,000. UMB Bank n.a. raised its holdings in RBC Bearings by 84.9% in the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock worth $51,000 after purchasing an additional 79 shares during the period. Harbor Investment Advisory LLC bought a new position in shares of RBC Bearings during the fourth quarter worth $82,000. Finally, Quarry LP grew its holdings in shares of RBC Bearings by 1,003.7% in the 3rd quarter. Quarry LP now owns 298 shares of the industrial products company’s stock valued at $89,000 after buying an additional 271 shares during the period.

Insider Activity at RBC Bearings

In other news, CFO Robert M. Sullivan sold 8,000 shares of RBC Bearings stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $362.25, for a total value of $2,898,000.00. Following the completion of the transaction, the chief financial officer now owns 11,382 shares of the company’s stock, valued at $4,123,129.50. This trade represents a 41.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael H. Ambrose sold 400 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the sale, the director now owns 6,728 shares of the company’s stock, valued at $2,441,523.92. This trade represents a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,900 shares of company stock valued at $3,963,031. Insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RBC shares. Morgan Stanley lifted their target price on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. KeyCorp lifted their price objective on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Truist Financial increased their target price on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $361.20.

RBC Bearings Trading Down 2.6 %

RBC Bearings stock opened at $308.85 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The firm has a 50-day moving average of $345.86 and a 200-day moving average of $320.54. The company has a market cap of $9.70 billion, a price-to-earnings ratio of 42.42, a P/E/G ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a one year low of $241.43 and a one year high of $372.83.

About RBC Bearings

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.