Texas Permanent School Fund Corp Buys New Holdings in RBC Bearings Incorporated (NYSE:RBC)

Texas Permanent School Fund Corp bought a new position in RBC Bearings Incorporated (NYSE:RBCFree Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 24,674 shares of the industrial products company’s stock, valued at approximately $5,777,000. Texas Permanent School Fund Corp owned about 0.09% of RBC Bearings at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Zions Bancorporation N.A. increased its position in shares of RBC Bearings by 0.9% in the second quarter. Zions Bancorporation N.A. now owns 5,217 shares of the industrial products company’s stock valued at $1,135,000 after acquiring an additional 47 shares during the period. Portside Wealth Group LLC raised its position in RBC Bearings by 4.8% during the 3rd quarter. Portside Wealth Group LLC now owns 1,104 shares of the industrial products company’s stock valued at $258,000 after purchasing an additional 51 shares during the last quarter. Global Retirement Partners LLC raised its position in RBC Bearings by 16.1% during the 3rd quarter. Global Retirement Partners LLC now owns 383 shares of the industrial products company’s stock valued at $90,000 after purchasing an additional 53 shares during the last quarter. Fifth Third Bancorp lifted its holdings in RBC Bearings by 14.3% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company’s stock worth $99,000 after buying an additional 53 shares during the period. Finally, DAVENPORT & Co LLC grew its position in shares of RBC Bearings by 0.9% in the 3rd quarter. DAVENPORT & Co LLC now owns 7,018 shares of the industrial products company’s stock worth $1,643,000 after buying an additional 63 shares during the last quarter.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $266.18 on Monday. The firm’s 50-day moving average price is $272.93 and its 200-day moving average price is $246.10. RBC Bearings Incorporated has a 52-week low of $195.18 and a 52-week high of $288.16. The company has a market cap of $7.77 billion, a PE ratio of 44.51, a PEG ratio of 5.57 and a beta of 1.46. The company has a quick ratio of 1.12, a current ratio of 3.28 and a debt-to-equity ratio of 0.47.

RBC Bearings (NYSE:RBCGet Free Report) last announced its earnings results on Thursday, November 9th. The industrial products company reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.91 by $0.16. The business had revenue of $385.57 million during the quarter, compared to analyst estimates of $390.18 million. RBC Bearings had a net margin of 12.81% and a return on equity of 9.64%. As a group, analysts anticipate that RBC Bearings Incorporated will post 8.14 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RBC shares. Wells Fargo & Company lifted their target price on shares of RBC Bearings from $235.00 to $240.00 and gave the company an “equal weight” rating in a research note on Monday, November 13th. Truist Financial upped their target price on RBC Bearings from $271.00 to $309.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. The Goldman Sachs Group raised their target price on RBC Bearings from $229.00 to $256.00 and gave the company a “buy” rating in a research note on Thursday, December 14th. Finally, Bank of America raised RBC Bearings from an “underperform” rating to a “buy” rating and upped their price target for the stock from $230.00 to $280.00 in a research note on Wednesday, November 29th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, RBC Bearings presently has an average rating of “Moderate Buy” and an average price target of $270.14.

Check Out Our Latest Research Report on RBC Bearings

Insider Buying and Selling

In other news, VP John J. Feeney sold 302 shares of RBC Bearings stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $241.26, for a total transaction of $72,860.52. Following the transaction, the vice president now owns 3,056 shares in the company, valued at approximately $737,290.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other RBC Bearings news, VP John J. Feeney sold 302 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $241.26, for a total transaction of $72,860.52. Following the sale, the vice president now owns 3,056 shares in the company, valued at approximately $737,290.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven H. Kaplan sold 1,085 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $245.96, for a total value of $266,866.60. Following the sale, the director now directly owns 3,315 shares in the company, valued at $815,357.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,091 shares of company stock valued at $12,049,813. 2.90% of the stock is owned by insiders.

RBC Bearings Profile

(Free Report)

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.

Further Reading

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Institutional Ownership by Quarter for RBC Bearings (NYSE:RBC)

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