New York State Common Retirement Fund Sells 2,670 Shares of RBC Bearings Incorporated (NYSE:RBC)

New York State Common Retirement Fund lowered its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 7.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,409 shares of the industrial products company’s stock after selling 2,670 shares during the period. New York State Common Retirement Fund owned about 0.11% of RBC Bearings worth $9,233,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in RBC Bearings by 143.4% in the third quarter. Bank of New York Mellon Corp now owns 229,704 shares of the industrial products company’s stock worth $53,781,000 after buying an additional 135,349 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of RBC Bearings by 1,721.8% during the 3rd quarter. Principal Financial Group Inc. now owns 113,641 shares of the industrial products company’s stock valued at $26,607,000 after purchasing an additional 107,403 shares during the last quarter. JPMorgan Chase & Co. raised its position in RBC Bearings by 16.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 712,962 shares of the industrial products company’s stock worth $166,926,000 after purchasing an additional 99,066 shares during the period. Northern Trust Corp lifted its stake in RBC Bearings by 50.6% in the third quarter. Northern Trust Corp now owns 232,770 shares of the industrial products company’s stock worth $54,498,000 after purchasing an additional 78,224 shares during the last quarter. Finally, Comerica Bank boosted its position in RBC Bearings by 1,915.4% during the third quarter. Comerica Bank now owns 68,706 shares of the industrial products company’s stock valued at $16,086,000 after buying an additional 65,297 shares during the period.

Insiders Place Their Bets

In other news, COO Daniel A. Bergeron sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $267.22, for a total value of $4,008,300.00. Following the completion of the transaction, the chief operating officer now owns 121,935 shares in the company, valued at approximately $32,583,470.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Truist Financial boosted their target price on RBC Bearings from $271.00 to $309.00 and gave the company a “buy” rating in a research note on Wednesday, January 10th. Citigroup raised their target price on shares of RBC Bearings from $250.00 to $285.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, RBC Bearings presently has an average rating of “Moderate Buy” and an average target price of $275.86.

RBC Bearings Price Performance

RBC opened at $248.23 on Thursday. The stock’s 50 day moving average price is $261.58 and its 200-day moving average price is $258.85. RBC Bearings Incorporated has a 52-week low of $195.18 and a 52-week high of $288.16. The stock has a market capitalization of $7.00 billion, a PE ratio of 41.30, a price-to-earnings-growth ratio of 4.70 and a beta of 1.45. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.12 and a current ratio of 3.28.

RBC Bearings (NYSE:RBC) last posted its earnings results on Thursday, February 8th. The industrial products company reported $1.75 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.08). RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. The company had revenue of $373.91 million during the quarter, compared to analysts’ expectations of $376.61 million. On average, equities research analysts predict that RBC Bearings Incorporated will post 8.02 EPS for the current year.

RBC Bearings Profile

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.