State of Michigan Retirement System Buys 100 Shares of RBC Bearings Incorporated (NYSE:RBC)

State of Michigan Retirement System increased its stake in RBC Bearings Incorporated (NYSE:RBC) by 1.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,100 shares of the industrial products company’s stock after buying an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in RBC Bearings were worth $1,919,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. LPL Financial LLC boosted its stake in shares of RBC Bearings by 7.1% during the 3rd quarter. LPL Financial LLC now owns 15,086 shares of the industrial products company’s stock worth $3,503,000 after purchasing an additional 995 shares during the period. Ameriprise Financial Inc. grew its stake in shares of RBC Bearings by 13.2% during the third quarter. Ameriprise Financial Inc. now owns 248,953 shares of the industrial products company’s stock valued at $58,287,000 after buying an additional 29,011 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of RBC Bearings by 16.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 712,962 shares of the industrial products company’s stock worth $166,926,000 after acquiring an additional 99,066 shares during the last quarter. Sei Investments Co. boosted its holdings in RBC Bearings by 9.3% during the 3rd quarter. Sei Investments Co. now owns 128,546 shares of the industrial products company’s stock valued at $30,096,000 after acquiring an additional 10,925 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in RBC Bearings by 13.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 42,616 shares of the industrial products company’s stock valued at $9,978,000 after acquiring an additional 5,152 shares during the last quarter.

Insider Transactions at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total value of $167,496.00. Following the completion of the sale, the director now directly owns 6,728 shares in the company, valued at $1,878,188.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.90% of the company’s stock.

RBC Bearings Stock Performance

Shares of NYSE:RBC opened at $273.95 on Friday. The company has a quick ratio of 1.16, a current ratio of 3.28 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $7.92 billion, a price-to-earnings ratio of 42.80, a price-to-earnings-growth ratio of 3.35 and a beta of 1.51. The firm has a 50 day moving average of $274.54 and a 200 day moving average of $270.52. RBC Bearings Incorporated has a 52 week low of $203.65 and a 52 week high of $299.24.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 17th. The industrial products company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.22. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The firm had revenue of $413.70 million during the quarter, compared to analysts’ expectations of $414.21 million. During the same period in the prior year, the business posted $2.06 EPS. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts predict that RBC Bearings Incorporated will post 8.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RBC has been the subject of several research analyst reports. Raymond James started coverage on RBC Bearings in a research report on Friday, June 28th. They set a “market perform” rating for the company. The Goldman Sachs Group boosted their price objective 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. William Blair initiated coverage on shares of RBC Bearings in a research report on Wednesday, May 29th. They set an “outperform” rating on the stock. Truist Financial boosted their price target on RBC Bearings from $309.00 to $328.00 and gave the company a “buy” rating in a report on Tuesday, May 21st. Finally, Morgan Stanley raised their price objective on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus target price of $286.57.

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.