36,105 Shares in RBC Bearings Incorporated (NYSE:RBC) Purchased by California State Teachers Retirement System

Posted by Defense World Staff on Aug 18th, 2023

California State Teachers Retirement System purchased a new position in RBC Bearings Incorporated (NYSE:RBC – Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 36,105 shares of the industrial products company’s stock, valued at approximately $8,403,000. California State Teachers Retirement System owned approximately 0.12% of RBC Bearings at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of RBC. American Century Companies Inc. increased its stake in RBC Bearings by 16.1% in the 1st quarter. American Century Companies Inc. now owns 2,786 shares of the industrial products company’s stock worth $540,000 after purchasing an additional 387 shares in the last quarter. HighTower Advisors LLC increased its stake in RBC Bearings by 6.8% in the 1st quarter. HighTower Advisors LLC now owns 7,920 shares of the industrial products company’s stock worth $1,545,000 after purchasing an additional 501 shares in the last quarter. Private Advisor Group LLC increased its stake in RBC Bearings by 12.8% in the 1st quarter. Private Advisor Group LLC now owns 3,303 shares of the industrial products company’s stock worth $641,000 after purchasing an additional 375 shares in the last quarter. MetLife Investment Management LLC increased its stake in RBC Bearings by 53.4% in the 1st quarter. MetLife Investment Management LLC now owns 14,826 shares of the industrial products company’s stock worth $2,874,000 after purchasing an additional 5,159 shares in the last quarter. Finally, BlackRock Inc. increased its stake in RBC Bearings by 1.6% in the 1st quarter. BlackRock Inc. now owns 2,145,334 shares of the industrial products company’s stock worth $415,937,000 after purchasing an additional 33,956 shares in the last quarter.

Insider Activity

In related news, Director Michael H. Ambrose sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $220.00, for a total value of $88,000.00. Following the completion of the sale, the director now directly owns 6,800 shares in the company, valued at approximately $1,496,000. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.90% of the stock is owned by corporate insiders.

RBC Bearings Stock Down 1.7 %

Shares of RBC Bearings stock opened at $221.99 on Friday. The firm has a market cap of $6.40 billion, a price-to-earnings ratio of 41.34, a P/E/G ratio of 4.69 and a beta of 1.42. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.96 and a quick ratio of 1.05. RBC Bearings Incorporated has a 52-week low of $195.18 and a 52-week high of $261.00. The stock has a 50-day simple moving average of $218.78 and a 200-day simple moving average of $222.72.

RBC Bearings (NYSE:RBC – Get Free Report) last announced its quarterly earnings results on Friday, May 19th. The industrial products company reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.26. The business had revenue of $394.42 million during the quarter, compared to analyst estimates of $379.84 million. RBC Bearings had a return on equity of 9.51% and a net margin of 11.93%. On average, equities research analysts expect that RBC Bearings Incorporated will post 8.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RBC has been the topic of several research analyst reports. Morgan Stanley lifted their target price on RBC Bearings from $286.00 to $294.00 and gave the company an “overweight” rating in a research note on Wednesday, August 9th. Alembic Global Advisors raised RBC Bearings from a “neutral” rating to an “overweight” rating and set a $267.00 target price on the stock in a research note on Wednesday, August 9th. Truist Financial lifted their target price on RBC Bearings from $265.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, August 7th. Royal Bank of Canada raised RBC Bearings from a “neutral” rating to an “overweight” rating in a research note on Wednesday, August 9th. Finally, Wells Fargo & Company lifted their target price on RBC Bearings from $225.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, August 7th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, RBC Bearings has an average rating of “Hold” and an average price target of $259.33.

View Our Latest Stock Report on RBC

About RBC Bearings

(Free Report)

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.