RBC Bearings Incorporated (NYSE:RBC) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.4% during the second quarter, Holdings Channel.com reports. The firm owned 7,000 shares of the industrial products company’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in RBC Bearings were worth $1,888,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in RBC. Bank of New York Mellon Corp boosted its holdings in RBC Bearings by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 225,949 shares of the industrial products company’s stock worth $60,957,000 after buying an additional 3,962 shares in the last quarter. Institute for Wealth Management LLC. acquired a new position in shares of RBC Bearings in the second quarter worth about $221,000. Argent Capital Management LLC boosted its stake in shares of RBC Bearings by 46.7% during the 2nd quarter. Argent Capital Management LLC now owns 3,001 shares of the industrial products company’s stock worth $810,000 after acquiring an additional 955 shares in the last quarter. DT Investment Partners LLC acquired a new stake in shares of RBC Bearings during the 2nd quarter valued at about $35,000. Finally, &PARTNERS purchased a new position in shares of RBC Bearings in the 2nd quarter valued at about $500,000.

Analyst Ratings Changes

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

Insider Buying and Selling at RBC Bearings

In other news, Director Michael H. Ambrose sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total transaction of $167,496.00. Following the transaction, the director now owns 6,728 shares in the company, valued at approximately $1,878,188.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the sale, the director now owns 20,461 shares of the company’s stock, valued at $5,672,607.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael H. Ambrose sold 600 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 6,728 shares in the company, valued at approximately $1,878,188.48. The disclosure for this sale can be found here. Insiders sold a total of 7,800 shares of company stock worth $2,228,430 in the last three months. 2.90% of the stock is owned by corporate insiders.

RBC Bearings Stock Performance

RBC opened at $293.85 on Thursday. RBC Bearings Incorporated has a twelve month low of $214.14 and a twelve month high of $309.01. The firm has a market capitalization of $8.50 billion, a PE ratio of 45.91, a PEG ratio of 3.48 and a beta of 1.51. 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 firm’s 50-day moving average price is $283.44 and its 200 day moving average price is $273.70.

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