Texas Permanent School Fund Corp Sells 2,165 Shares of RBC Bearings Incorporated $RBC

Texas Permanent School Fund Corp decreased its position in RBC Bearings Incorporated (NYSE:RBC) by 18.3% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 9,650 shares of the industrial products company’s stock after selling 2,165 shares during the quarter. Texas Permanent School Fund Corp’s holdings in RBC Bearings were worth $3,713,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State of New Jersey Common Pension Fund D boosted its holdings in RBC Bearings by 4.7% during the first quarter. State of New Jersey Common Pension Fund D now owns 10,277 shares of the industrial products company’s stock worth $3,307,000 after purchasing an additional 457 shares during the last quarter. Quantbot Technologies LP boosted its stake in shares of RBC Bearings by 153.2% in the 1st quarter. Quantbot Technologies LP now owns 8,306 shares of the industrial products company’s stock worth $2,673,000 after buying an additional 5,025 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of RBC Bearings by 2.0% in the first quarter. Ameriprise Financial Inc. now owns 545,412 shares of the industrial products company’s stock valued at $175,515,000 after acquiring an additional 10,531 shares in the last quarter. Maren Capital LLC grew its holdings in shares of RBC Bearings by 4.2% in the first quarter. Maren Capital LLC now owns 420,946 shares of the industrial products company’s stock valued at $135,448,000 after acquiring an additional 17,143 shares in the last quarter. Finally, SVB Wealth LLC purchased a new stake in shares of RBC Bearings during the first quarter valued at approximately $111,000.

Insider Activity at RBC Bearings

In other news, VP John J. Feeney sold 105 shares of the firm’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $382.83, for a total value of $40,197.15. Following the completion of the transaction, the vice president directly owned 2,666 shares of the company’s stock, valued at $1,020,624.78. This trade represents a 3.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven H. Kaplan sold 700 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $443.00, for a total value of $310,100.00. Following the sale, the director owned 1,999 shares in the company, valued at approximately $885,557. The trade was a 25.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.

RBC Bearings Trading Up 1.0%

Shares of RBC opened at $449.24 on Friday. RBC Bearings Incorporated has a fifty-two week low of $290.56 and a fifty-two week high of $465.80. The business has a 50-day moving average of $425.30 and a 200 day moving average of $399.43. The firm has a market cap of $14.20 billion, a P/E ratio of 54.85, a price-to-earnings-growth ratio of 3.11 and a beta of 1.53. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.13 and a current ratio of 3.18.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 EPS for the quarter. The business had revenue of $156.21 million for the quarter. RBC Bearings had a net margin of 15.03% and a return on equity of 10.47%. As a group, research analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on RBC shares. Deutsche Bank Aktiengesellschaft set a $527.00 price objective on RBC Bearings and gave the stock a “buy” rating in a research report on Wednesday. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Truist Financial reissued a “buy” rating and issued a $471.00 price target (up from $455.00) on shares of RBC Bearings in a report on Monday, November 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a report on Monday. Finally, Bank of America raised shares of RBC Bearings from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $390.00 to $500.00 in a research report on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $463.17.

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.