State of New Jersey Common Pension Fund D Sells 5,104 Shares of RBC Bearings Incorporated (NYSE:RBC)

State of New Jersey Common Pension Fund D decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 32.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,663 shares of the industrial products company’s stock after selling 5,104 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in RBC Bearings were worth $2,877,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mitchell Sinkler & Starr PA bought a new stake in shares of RBC Bearings in the 2nd quarter worth $354,000. Quest Partners LLC boosted its holdings in shares of RBC Bearings by 16,375.0% during the 2nd quarter. Quest Partners LLC now owns 659 shares of the industrial products company’s stock valued at $178,000 after acquiring an additional 655 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of RBC Bearings in the second quarter worth approximately $68,000. Torray Investment Partners LLC raised its holdings in shares of RBC Bearings by 10.9% during the second quarter. Torray Investment Partners LLC now owns 8,404 shares of the industrial products company’s stock valued at $2,267,000 after purchasing an additional 825 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in RBC Bearings by 3,780.0% during the second quarter. Farther Finance Advisors LLC now owns 970 shares of the industrial products company’s stock valued at $260,000 after purchasing an additional 945 shares during the period.

Insider Transactions at RBC Bearings

In other news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other RBC Bearings news, CEO Michael J. Hartnett sold 19,283 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the completion of the transaction, the chief executive officer now owns 317,814 shares in the company, valued at approximately $91,981,727.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares in the company, valued at approximately $3,669,789.13. The disclosure for this sale can be found here. Insiders sold a total of 41,327 shares of company stock valued at $11,900,641 over the last 90 days. Company insiders own 2.90% of the company’s stock.

RBC Bearings Price Performance

NYSE RBC opened at $292.21 on Thursday. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. RBC Bearings Incorporated has a 12 month low of $214.14 and a 12 month high of $309.01. The stock has a market cap of $8.45 billion, a price-to-earnings ratio of 45.66, a PEG ratio of 3.49 and a beta of 1.51. The company’s 50 day moving average is $287.72 and its two-hundred day moving average is $275.49.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.21 by $0.33. The firm had revenue of $406.30 million for the quarter, compared to the consensus estimate of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The company’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the firm earned $1.98 EPS. As a group, research analysts anticipate that RBC Bearings Incorporated will post 8.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on RBC shares. Raymond James started coverage on shares of RBC Bearings in a research report on Friday, June 28th. They issued a “market perform” rating for the company. William Blair began coverage on RBC Bearings in a report on Wednesday, May 29th. They issued an “outperform” rating on the stock. Truist Financial cut their price target on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Morgan Stanley increased their price objective on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Finally, The Goldman Sachs Group boosted their target price on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $287.67.

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.