California Public Employees Retirement System lessened its stake in shares of RBC Bearings Incorporated (NASDAQ:ROLL) by 7.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 50,744 shares of the industrial products company’s stock after selling 4,291 shares during the quarter. California Public Employees Retirement System owned approximately 0.21% of RBC Bearings worth $6,536,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the company. Granahan Investment Management Inc. MA boosted its stake in shares of RBC Bearings by 8.0% during the second quarter. Granahan Investment Management Inc. MA now owns 97,002 shares of the industrial products company’s stock valued at $12,495,000 after purchasing an additional 7,182 shares during the period. Millennium Management LLC purchased a new stake in shares of RBC Bearings during the second quarter valued at approximately $880,000. Waddell & Reed Financial Inc. boosted its stake in shares of RBC Bearings by 7.0% during the second quarter. Waddell & Reed Financial Inc. now owns 378,097 shares of the industrial products company’s stock valued at $48,703,000 after purchasing an additional 24,890 shares during the period. MetLife Investment Advisors LLC boosted its stake in shares of RBC Bearings by 7.6% during the second quarter. MetLife Investment Advisors LLC now owns 10,793 shares of the industrial products company’s stock valued at $1,390,000 after purchasing an additional 758 shares during the period. Finally, New England Asset Management Inc. purchased a new stake in shares of RBC Bearings during the second quarter valued at approximately $458,000. 96.55% of the stock is owned by hedge funds and other institutional investors.
ROLL opened at $137.96 on Friday. The company has a quick ratio of 2.12, a current ratio of 5.79 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 36.32, a PEG ratio of 5.42 and a beta of 1.47. RBC Bearings Incorporated has a 12-month low of $111.61 and a 12-month high of $158.18.
RBC Bearings (NASDAQ:ROLL) last posted its quarterly earnings data on Thursday, August 2nd. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.10. The business had revenue of $176.00 million during the quarter, compared to the consensus estimate of $174.32 million. RBC Bearings had a return on equity of 12.29% and a net margin of 13.51%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 earnings per share. On average, equities analysts predict that RBC Bearings Incorporated will post 4.73 earnings per share for the current year.
A number of brokerages recently commented on ROLL. Zacks Investment Research lowered RBC Bearings from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. BidaskClub raised RBC Bearings from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 11th. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research note on Thursday, September 27th. Royal Bank of Canada reaffirmed a “sell” rating on shares of RBC Bearings in a research note on Thursday, August 9th. Finally, SunTrust Banks began coverage on RBC Bearings in a research note on Wednesday, June 20th. They issued a “hold” rating and a $133.00 price target for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $142.80.
In other RBC Bearings news, insider Michael J. Hartnett sold 18,029 shares of the stock in a transaction on Friday, September 21st. The stock was sold at an average price of $152.97, for a total value of $2,757,896.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Richard J. Edwards sold 20,130 shares of the stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $139.31, for a total value of $2,804,310.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 288,886 shares of company stock valued at $42,266,095. 3.10% of the stock is owned by corporate insiders.
About RBC Bearings
RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in North America, Europe, Asia, and Latin America. It operates in four segments: Plain Bearings, Roller Bearings, Ball Bearings, and Engineered Products. The Plain Bearings segment produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings that are primarily used to rectify inevitable misalignments in various mechanical components, such as aircraft controls, helicopter rotors, or in heavy mining and construction equipment.
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