State of Wyoming Has $240,000 Stake in RBC Bearings Incorporated $RBC

State of Wyoming trimmed its position in RBC Bearings Incorporated (NYSE:RBC) by 64.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 536 shares of the industrial products company’s stock after selling 957 shares during the quarter. State of Wyoming’s holdings in RBC Bearings were worth $240,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Lido Advisors LLC raised its stake in shares of RBC Bearings by 3.5% in the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock valued at $278,000 after purchasing an additional 22 shares in the last quarter. Assetmark Inc. grew its position in RBC Bearings by 4.6% in the third quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock valued at $220,000 after acquiring an additional 25 shares during the period. Jones Financial Companies Lllp grew its position in RBC Bearings by 2.7% in the third quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock valued at $383,000 after acquiring an additional 26 shares during the period. EverSource Wealth Advisors LLC grew its position in RBC Bearings by 27.1% in the third quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock valued at $48,000 after acquiring an additional 26 shares during the period. Finally, State of New Jersey Common Pension Fund D grew its position in RBC Bearings by 0.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock valued at $3,930,000 after acquiring an additional 27 shares during the period.

Analysts Set New Price Targets

A number of analysts have weighed in on RBC shares. Morgan Stanley upped their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Truist Financial reiterated a “buy” rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Weiss Ratings upgraded RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, May 19th. Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.

RBC Bearings Trading Down 2.3%

NYSE:RBC opened at $578.59 on Thursday. RBC Bearings Incorporated has a 1-year low of $363.05 and a 1-year high of $632.00. The business’s 50-day moving average price is $583.76 and its two-hundred day moving average price is $531.84. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $18.31 billion, a price-to-earnings ratio of 63.65, a PEG ratio of 3.42 and a beta of 1.42.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same quarter in the prior year, the firm posted $2.83 earnings per share. The company’s quarterly revenue was up 18.3% on a year-over-year basis. On average, equities analysts expect that RBC Bearings Incorporated will post 13.58 earnings per share for the current year.

Insiders Place Their Bets

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the 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 transaction, the director owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.90% of the company’s stock.

RBC Bearings Company 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.