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

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

Other large investors have also modified their holdings of the company. TimesSquare Capital Management LLC lifted its position in RBC Bearings by 17.3% in the third quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock valued at $27,125,000 after acquiring an additional 13,395 shares during the last quarter. Segall Bryant & Hamill LLC increased its position in shares of RBC Bearings by 41.6% during the third quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company’s stock worth $8,896,000 after purchasing an additional 8,725 shares in the last quarter. Holocene Advisors LP lifted its holdings in shares of RBC Bearings by 69.4% in the 3rd quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company’s stock valued at $3,711,000 after purchasing an additional 5,078 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of RBC Bearings in the 2nd quarter valued at about $2,380,000. Finally, Citigroup Inc. grew its stake in RBC Bearings by 7.0% during the 3rd quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company’s stock worth $8,130,000 after buying an additional 1,770 shares during the last quarter.

Insider Activity at RBC Bearings

In related news, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the sale, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. This trade represents a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.60% of the company’s stock.

RBC Bearings Stock Performance

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

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

Analyst Upgrades and Downgrades

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

About RBC Bearings

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.