RBC Bearings Incorporated (NYSE:RBC) Shares Acquired by Retirement Systems of Alabama

Retirement Systems of Alabama grew its holdings in RBC Bearings Incorporated (NYSE:RBC) by 6.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,245 shares of the industrial products company’s stock after purchasing an additional 2,405 shares during the period. Retirement Systems of Alabama owned approximately 0.12% of RBC Bearings worth $11,450,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. UMB Bank n.a. lifted its position in RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares during the last quarter. DT Investment Partners LLC acquired a new position in shares of RBC Bearings in the 2nd quarter worth approximately $35,000. Canada Pension Plan Investment Board acquired a new position in shares of RBC Bearings in the 2nd quarter worth approximately $54,000. Strategic Financial Concepts LLC purchased a new position in shares of RBC Bearings during the 2nd quarter worth approximately $68,000. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in RBC Bearings by 80.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 290 shares of the industrial products company’s stock valued at $78,000 after purchasing an additional 129 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RBC shares. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and upped their price target for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Truist Financial increased their target price on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price for the company in a research report on Friday, November 22nd. Finally, William Blair reissued an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $324.67.

Insider Buying and Selling at RBC Bearings

In related news, CEO Michael J. Hartnett sold 503 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total transaction of $145,367.00. Following the completion of the transaction, the chief executive officer now owns 322,588 shares in the company, valued at approximately $93,227,932. The trade was a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $326.37 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The company has a market cap of $10.25 billion, a price-to-earnings ratio of 47.65, a price-to-earnings-growth ratio of 4.50 and a beta of 1.55. The stock’s 50-day moving average is $310.35 and its two-hundred day moving average is $294.41. RBC Bearings Incorporated has a 1-year low of $240.36 and a 1-year high of $346.77.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The firm had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.07 earnings per share. Analysts forecast that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

RBC Bearings Company 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.