California Public Employees Retirement System Acquires 944 Shares of RBC Bearings Incorporated $RBC

California Public Employees Retirement System grew its holdings in RBC Bearings Incorporated (NYSE:RBC) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,856 shares of the industrial products company’s stock after buying an additional 944 shares during the period. California Public Employees Retirement System’s holdings in RBC Bearings were worth $28,164,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Assetmark Inc. increased its holdings in shares of RBC Bearings by 3.5% during the 1st quarter. Assetmark Inc. now owns 557 shares of the industrial products company’s stock worth $303,000 after acquiring an additional 19 shares during the last quarter. NFSG Corp lifted its holdings in RBC Bearings by 64.2% during the 1st quarter. NFSG Corp now owns 1,708 shares of the industrial products company’s stock valued at $928,000 after purchasing an additional 668 shares during the last quarter. Aubrey Capital Management Ltd acquired a new stake in RBC Bearings during the 1st quarter valued at $2,391,000. Calamos Advisors LLC boosted its position in RBC Bearings by 16.2% during the first quarter. Calamos Advisors LLC now owns 4,313 shares of the industrial products company’s stock worth $2,342,000 after purchasing an additional 602 shares during the period. Finally, State of Michigan Retirement System boosted its position in RBC Bearings by 2.7% during the first quarter. State of Michigan Retirement System now owns 7,600 shares of the industrial products company’s stock worth $4,128,000 after purchasing an additional 200 shares during the period.

RBC Bearings Price Performance

NYSE:RBC opened at $584.13 on Wednesday. RBC Bearings Incorporated has a 52 week low of $364.50 and a 52 week high of $667.69. The firm has a market cap of $18.48 billion, a price-to-earnings ratio of 64.26, a P/E/G ratio of 3.26 and a beta of 1.40. The firm’s 50-day simple moving average is $597.69 and its 200 day simple moving average is $565.13. 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 posted its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The firm had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. During the same quarter in the previous year, the firm posted $2.83 EPS. The business’s revenue for the quarter was up 18.3% compared to the same quarter last year. As a group, sell-side analysts predict that RBC Bearings Incorporated will post 13.59 earnings per share for the current year.

Insider Activity

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the firm’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the transaction, the vice president owned 2,378 shares in the company, valued at $1,564,581.32. This trade represents a 8.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 24th. The shares were 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 of the company’s stock, valued at $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. Over the last ninety days, insiders sold 1,425 shares of company stock worth $885,400. Corporate insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

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