RBC Bearings Incorporated $RBC Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lessened its holdings in RBC Bearings Incorporated (NYSE:RBC) by 14.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,632 shares of the industrial products company’s stock after selling 3,214 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.06% of RBC Bearings worth $10,663,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Compound Planning Inc. increased its position in shares of RBC Bearings by 8.2% during the first quarter. Compound Planning Inc. now owns 809 shares of the industrial products company’s stock worth $439,000 after acquiring an additional 61 shares during the period. Klingman & Associates LLC acquired a new position in RBC Bearings during the 1st quarter worth approximately $220,000. Lido Advisors LLC grew its stake in shares of RBC Bearings by 54.9% during the first quarter. Lido Advisors LLC now owns 1,002 shares of the industrial products company’s stock worth $544,000 after purchasing an additional 355 shares in the last quarter. Walleye Capital LLC boosted its position in shares of RBC Bearings by 70.9% during the 1st quarter. Walleye Capital LLC now owns 53,760 shares of the industrial products company’s stock worth $29,198,000 after acquiring an additional 22,311 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in RBC Bearings by 27.5% in the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock valued at $222,516,000 after purchasing an additional 88,468 shares in the last quarter.

Insiders Place Their Bets

In other news, Director Dolores J. Ennico sold 600 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director directly owned 7,254 shares of the company’s stock, valued at $4,614,341.94. The trade was a 7.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Edward Stewart sold 600 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director owned 21,337 shares of the company’s stock, valued at $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 1,425 shares of company stock valued at $885,400. Insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

RBC has been the topic of several research reports. Morgan Stanley raised their price objective on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 15th. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Truist Financial reiterated a “buy” rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $584.00.

RBC Bearings Stock Performance

NYSE RBC opened at $594.57 on Monday. The business has a fifty day moving average of $597.34 and a 200-day moving average of $568.03. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The stock has a market cap of $18.81 billion, a price-to-earnings ratio of 65.41, a price-to-earnings-growth ratio of 3.39 and a beta of 1.40. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.31. The company had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period last year, the company earned $2.83 EPS. As a group, analysts predict that RBC Bearings Incorporated will post 13.66 earnings per share for the current fiscal year.

RBC Bearings Profile

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.