State of Alaska Department of Revenue Raises Stake in RBC Bearings Incorporated (NYSE:RBC)

State of Alaska Department of Revenue lifted its position in RBC Bearings Incorporated (NYSE:RBC) by 5.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,565 shares of the industrial products company’s stock after acquiring an additional 195 shares during the quarter. State of Alaska Department of Revenue’s holdings in RBC Bearings were worth $1,066,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. State Street Corp raised its holdings in shares of RBC Bearings by 2.4% in the third quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock valued at $253,028,000 after acquiring an additional 19,962 shares in the last quarter. Conestoga Capital Advisors LLC raised its holdings in shares of RBC Bearings by 1.7% in the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock valued at $221,793,000 after acquiring an additional 12,375 shares in the last quarter. Geneva Capital Management LLC raised its holdings in shares of RBC Bearings by 1.4% in the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock valued at $176,829,000 after acquiring an additional 8,012 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of RBC Bearings by 1.1% in the third quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock valued at $144,490,000 after acquiring an additional 5,040 shares in the last quarter. Finally, Port Capital LLC raised its holdings in shares of RBC Bearings by 0.9% in the third quarter. Port Capital LLC now owns 385,101 shares of the industrial products company’s stock valued at $115,292,000 after acquiring an additional 3,525 shares in the last quarter.

Insider Activity

In other news, CEO Michael J. Hartnett sold 2,500 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $367.95, for a total transaction of $919,875.00. Following the transaction, the chief executive officer now owns 320,088 shares in the company, valued at $117,776,379.60. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of the company’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 transaction, the director now owns 6,728 shares in the company, valued at approximately $2,441,523.92. This trade represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,900 shares of company stock worth $3,963,031 over the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $362.51 on Friday. The company has a market capitalization of $11.39 billion, a PE ratio of 49.79, a P/E/G ratio of 4.90 and a beta of 1.58. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. The company has a 50-day simple moving average of $321.74 and a two-hundred day simple moving average of $305.81. RBC Bearings Incorporated has a one year low of $241.43 and a one year high of $372.51.

Wall Street Analyst Weigh In

RBC has been the subject of several recent research reports. Truist Financial lifted their price objective on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a report on Monday, February 3rd. 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. Morgan Stanley boosted their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Finally, Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus target price of $361.20.

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.