RBC Bearings Incorporated $RBC Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lowered its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 14.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,632 shares of the industrial products company’s stock after selling 3,214 shares during the period. Public Employees Retirement System of Ohio’s holdings in RBC Bearings were worth $10,663,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RBC. State Street Corp grew its stake in shares of RBC Bearings by 0.5% during the third quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after acquiring an additional 4,568 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of RBC Bearings by 8.5% in the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock valued at $277,776,000 after acquiring an additional 48,419 shares during the last quarter. Maren Capital LLC raised its stake in RBC Bearings by 1.4% during the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after acquiring an additional 6,373 shares during the period. First Trust Advisors LP lifted its stake in RBC Bearings by 27.5% in the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock valued at $222,516,000 after buying an additional 88,468 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of RBC Bearings by 6.2% in the 4th quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after acquiring an additional 23,616 shares during the period.

RBC Bearings Trading Down 0.1%

NYSE:RBC opened at $594.57 on Monday. The stock’s 50 day moving average price is $597.34 and its 200 day moving average price is $568.03. RBC Bearings Incorporated has a 52 week low of $364.50 and a 52 week high of $667.69. The company has a market capitalization of $18.81 billion, a P/E ratio of 65.41, a P/E/G ratio of 3.39 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. The business had revenue of $518.00 million for the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. RBC Bearings’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.83 EPS. On average, research analysts forecast that RBC Bearings Incorporated will post 13.66 EPS for the current fiscal year.

Insider Activity

In other news, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares in the company, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,425 shares of company stock valued at $885,400 over the last 90 days. 1.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Truist Financial restated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Finally, Morgan Stanley upped their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $584.00.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.