Texas Permanent School Fund Corp Lowers Position in RBC Bearings Incorporated (NYSE:RBC)

Texas Permanent School Fund Corp lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 14.5% during the second quarter, HoldingsChannel.com reports. The firm owned 21,698 shares of the industrial products company’s stock after selling 3,674 shares during the period. Texas Permanent School Fund Corp’s holdings in RBC Bearings were worth $5,854,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky raised its position in shares of RBC Bearings by 54.9% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 8,985 shares of the industrial products company’s stock worth $2,560,000 after buying an additional 3,185 shares during the period. Evoke Wealth LLC acquired a new position in shares of RBC Bearings in the 4th quarter valued at about $6,589,000. Diversify Advisory Services LLC purchased a new stake in shares of RBC Bearings during the 1st quarter worth about $802,000. Price T Rowe Associates Inc. MD increased its position in RBC Bearings by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock worth $566,549,000 after purchasing an additional 20,491 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado raised its holdings in RBC Bearings by 1,362.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock valued at $33,853,000 after buying an additional 110,705 shares during the period.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RBC shares. William Blair started coverage on shares of RBC Bearings in a research note on Wednesday, May 29th. They set an “outperform” rating for the company. Morgan Stanley increased their price target on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Truist Financial reduced their price objective on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. The Goldman Sachs Group increased their target price on RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Finally, Raymond James started coverage on RBC Bearings in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $287.67.

Insider Buying and Selling

In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the transaction, the director now directly owns 20,461 shares in the company, valued at approximately $5,672,607.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the sale, the director now owns 20,461 shares in the company, valued at $5,672,607.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the transaction, the vice president now directly owns 12,539 shares in the company, valued at approximately $3,669,789.13. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,200 shares of company stock worth $2,913,624. Insiders own 2.90% of the company’s stock.

RBC Bearings Stock Up 0.3 %

Shares of RBC Bearings stock opened at $283.84 on Thursday. RBC Bearings Incorporated has a 1-year low of $214.14 and a 1-year high of $309.01. The company has a market capitalization of $8.30 billion, a PE ratio of 44.35, a P/E/G ratio of 3.44 and a beta of 1.51. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09. The business has a 50-day moving average of $286.76 and a 200-day moving average of $275.00.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.33. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The firm had revenue of $406.30 million during the quarter, compared to analyst estimates of $416.65 million. During the same quarter last year, the firm earned $1.98 EPS. RBC Bearings’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, equities analysts forecast that RBC Bearings Incorporated will post 8.85 EPS for the current fiscal year.

RBC Bearings Company Profile

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.