State of Alaska Department of Revenue Has $1.01 Million Holdings in RBC Bearings Incorporated (NYSE:RBC)

State of Alaska Department of Revenue grew its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 7.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,370 shares of the industrial products company’s stock after acquiring an additional 225 shares during the quarter. State of Alaska Department of Revenue’s holdings in RBC Bearings were worth $1,008,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. UMB Bank n.a. increased its position in RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 75 shares in the last quarter. DT Investment Partners LLC bought a new stake in shares of RBC Bearings during the second quarter worth $35,000. Opal Wealth Advisors LLC acquired a new position in shares of RBC Bearings during the second quarter worth $41,000. Canada Pension Plan Investment Board acquired a new stake in shares of RBC Bearings during the 2nd quarter valued at $54,000. Finally, Blue Trust Inc. boosted its holdings in shares of RBC Bearings by 541.9% during the 3rd quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock valued at $83,000 after acquiring an additional 233 shares in the last quarter.

Analysts Set New Price Targets

Separately, Truist Financial dropped their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and an average target price of $287.67.

RBC Bearings Stock Down 0.1 %

Shares of RBC opened at $285.02 on Tuesday. The company has a market capitalization of $8.33 billion, a PE ratio of 41.61, a PEG ratio of 3.21 and a beta of 1.51. The stock’s 50-day moving average price is $289.89 and its two-hundred day moving average price is $281.58. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. RBC Bearings Incorporated has a 12 month low of $214.64 and a 12 month high of $309.01.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.10 by $0.19. The business had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The firm’s revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.07 earnings per share. On average, analysts anticipate that RBC Bearings Incorporated will post 8.95 EPS for the current year.

Insider Activity at RBC Bearings

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings 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 completion of the sale, the vice president now directly owns 12,539 shares in the company, valued at approximately $3,669,789.13. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael J. Hartnett sold 3,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $284.23, for a total transaction of $852,690.00. Following the transaction, the chief executive officer now directly owns 294,120 shares in the company, valued at approximately $83,597,727.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,327 shares of company stock worth $11,068,921 over the last quarter. Company insiders own 2.60% of the company’s stock.

RBC Bearings 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.