State of New Jersey Common Pension Fund D Decreases Stock Position in RBC Bearings Incorporated (NYSE:RBC)

State of New Jersey Common Pension Fund D lessened its holdings in RBC Bearings Incorporated (NYSE:RBC) by 7.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,820 shares of the industrial products company’s stock after selling 843 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in RBC Bearings were worth $2,940,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Quantbot Technologies LP acquired a new stake in RBC Bearings in the 1st quarter worth approximately $215,000. Russell Investments Group Ltd. grew its holdings in shares of RBC Bearings by 31.2% during the first quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company’s stock valued at $878,000 after buying an additional 772 shares during the last quarter. Bleakley Financial Group LLC increased its position in shares of RBC Bearings by 12.0% in the 1st quarter. Bleakley Financial Group LLC now owns 3,582 shares of the industrial products company’s stock valued at $968,000 after acquiring an additional 385 shares during the period. Nicolet Advisory Services LLC raised its stake in RBC Bearings by 49.7% in the 1st quarter. Nicolet Advisory Services LLC now owns 1,762 shares of the industrial products company’s stock worth $471,000 after acquiring an additional 585 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in RBC Bearings by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock worth $738,433,000 after acquiring an additional 19,574 shares during the period.

Insider Activity at RBC Bearings

In other news, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the sale, the vice president now directly owns 12,539 shares of the company’s stock, valued at $3,669,789.13. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Richard J. Edwards sold 4,200 shares of the business’s 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 $3,669,789.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Hartnett sold 11,341 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $287.52, for a total value of $3,260,764.32. Following the transaction, the chief executive officer now owns 320,053 shares in the company, valued at $92,021,638.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,327 shares of company stock worth $11,068,921 in the last three months. Company insiders own 2.60% of the company’s stock.

RBC Bearings Price Performance

Shares of RBC opened at $315.69 on Thursday. The company has a market capitalization of $9.92 billion, a P/E ratio of 46.09, a P/E/G ratio of 3.61 and a beta of 1.51. The business’s 50-day moving average is $292.47 and its two-hundred day moving average is $284.97. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. RBC Bearings Incorporated has a fifty-two week low of $236.00 and a fifty-two week high of $328.39.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. During the same quarter in the prior year, the business posted $2.07 earnings per share. The firm’s revenue was up 3.2% compared to the same quarter last year. Research analysts predict that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Analyst Ratings Changes

Separately, Truist Financial cut their price objective on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $297.20.

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.