RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado trimmed its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 4.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,395 shares of the industrial products company’s stock after selling 5,633 shares during the quarter. Public Employees Retirement Association of Colorado owned 0.39% of RBC Bearings worth $30,322,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RBC. Norges Bank purchased a new stake in RBC Bearings during the 4th quarter worth about $83,318,000. Maren Capital LLC purchased a new stake in RBC Bearings during the 4th quarter worth about $80,912,000. Dimensional Fund Advisors LP lifted its holdings in RBC Bearings by 22.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock worth $93,626,000 after buying an additional 64,217 shares during the last quarter. American Century Companies Inc. lifted its holdings in RBC Bearings by 30.4% during the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock worth $55,745,000 after buying an additional 48,209 shares during the last quarter. Finally, Douglas Lane & Associates LLC lifted its holdings in RBC Bearings by 123.9% during the 2nd quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock worth $22,085,000 after buying an additional 45,294 shares during the last quarter.

Insider Buying and Selling

In related news, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares in the company, valued at approximately $3,669,789.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares in the company, valued at approximately $3,669,789.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Hartnett sold 19,283 shares of the company’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 value of $5,580,885.86. Following the completion of the sale, the chief executive officer now owns 317,814 shares in the company, valued at approximately $91,981,727.88. The disclosure for this sale can be found here. Insiders have sold a total of 41,327 shares of company stock worth $11,900,641 in the last quarter. Company insiders own 2.90% of the company’s stock.

RBC Bearings Stock Performance

NYSE RBC opened at $299.71 on Friday. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. The business’s 50 day moving average is $287.92 and its two-hundred day moving average is $275.60. RBC Bearings Incorporated has a 12-month low of $214.14 and a 12-month high of $309.01. The stock has a market capitalization of $8.76 billion, a price-to-earnings ratio of 46.83, a PEG ratio of 3.49 and a beta of 1.51.

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

Analyst Upgrades and Downgrades

RBC has been the subject of several research reports. Morgan Stanley boosted their target price on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. The Goldman Sachs Group boosted their target price on RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Raymond James initiated coverage on RBC Bearings in a report on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial dropped their price target on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Finally, William Blair initiated coverage on RBC Bearings in a research report on Wednesday, May 29th. They issued an “outperform” rating on the stock. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $287.67.

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.