New York State Common Retirement Fund Sells 1,518 Shares of RBC Bearings Incorporated $RBC

New York State Common Retirement Fund lowered its stake in RBC Bearings Incorporated (NYSE:RBC) by 5.4% during the 3rd quarter, Holdings Channel reports. The firm owned 26,681 shares of the industrial products company’s stock after selling 1,518 shares during the quarter. New York State Common Retirement Fund’s holdings in RBC Bearings were worth $10,413,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RBC. Brown Advisory Inc. increased its holdings in shares of RBC Bearings by 4.7% in the second quarter. Brown Advisory Inc. now owns 685 shares of the industrial products company’s stock worth $264,000 after purchasing an additional 31 shares during the last quarter. Covestor Ltd boosted its stake in RBC Bearings by 21.5% during the third quarter. Covestor Ltd now owns 181 shares of the industrial products company’s stock valued at $71,000 after buying an additional 32 shares during the last quarter. CWM LLC grew its holdings in RBC Bearings by 12.9% during the 3rd quarter. CWM LLC now owns 289 shares of the industrial products company’s stock valued at $113,000 after buying an additional 33 shares in the last quarter. Vista Finance LLC increased its stake in RBC Bearings by 4.1% in the 2nd quarter. Vista Finance LLC now owns 915 shares of the industrial products company’s stock worth $352,000 after acquiring an additional 36 shares during the last quarter. Finally, Wedmont Private Capital increased its stake in RBC Bearings by 6.2% in the 3rd quarter. Wedmont Private Capital now owns 620 shares of the industrial products company’s stock worth $232,000 after acquiring an additional 36 shares during the last quarter.

RBC Bearings Price Performance

RBC Bearings stock opened at $515.00 on Wednesday. RBC Bearings Incorporated has a 12-month low of $297.28 and a 12-month high of $517.92. The company has a current ratio of 3.18, a quick ratio of 1.13 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $469.99 and a 200-day moving average price of $423.39. The firm has a market capitalization of $16.28 billion, a PE ratio of 62.88, a price-to-earnings-growth ratio of 3.38 and a beta of 1.52.

Insider Activity at RBC Bearings

In other news, Director Steven H. Kaplan sold 700 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $443.00, for a total transaction of $310,100.00. Following the transaction, the director owned 1,999 shares of the company’s stock, valued at approximately $885,557. This represents a 25.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

RBC has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Deutsche Bank Aktiengesellschaft set a $527.00 price target on shares of RBC Bearings and gave the company a “buy” rating in a research note on Wednesday, December 17th. KeyCorp increased their price objective on shares of RBC Bearings from $475.00 to $535.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $390.00 to $500.00 in a report on Thursday, November 6th. Finally, Truist Financial set a $542.00 target price on shares of RBC Bearings in a research report on Friday, January 9th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and a consensus target price of $489.17.

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.