New York State Common Retirement Fund Sells 1,004 Shares of RBC Bearings Incorporated (NYSE:RBC)

New York State Common Retirement Fund lowered its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 3.4% in the 4th quarter, HoldingsChannel reports. The firm owned 28,624 shares of the industrial products company’s stock after selling 1,004 shares during the period. New York State Common Retirement Fund’s holdings in RBC Bearings were worth $8,563,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in RBC. Blue Trust Inc. increased its holdings in shares of RBC Bearings by 541.9% during the third 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. Private Advisor Group LLC grew its position in RBC Bearings by 13.4% in the 3rd quarter. Private Advisor Group LLC now owns 1,320 shares of the industrial products company’s stock valued at $395,000 after purchasing an additional 156 shares during the period. State of Alaska Department of Revenue increased its stake in RBC Bearings by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 3,370 shares of the industrial products company’s stock valued at $1,008,000 after purchasing an additional 225 shares in the last quarter. US Bancorp DE raised its holdings in RBC Bearings by 17.4% during the third quarter. US Bancorp DE now owns 6,854 shares of the industrial products company’s stock worth $2,052,000 after buying an additional 1,016 shares during the last quarter. Finally, Conestoga Capital Advisors LLC lifted its stake in shares of RBC Bearings by 1.7% in the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock valued at $221,793,000 after buying an additional 12,375 shares in the last quarter.

RBC Bearings Trading Up 0.0 %

Shares of RBC stock opened at $357.56 on Wednesday. RBC Bearings Incorporated has a 52-week low of $241.43 and a 52-week high of $372.83. The business’s fifty day moving average is $327.09 and its 200 day moving average is $310.79. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. The company has a market capitalization of $11.23 billion, a PE ratio of 49.12, a price-to-earnings-growth ratio of 4.42 and a beta of 1.58.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RBC shares. KeyCorp lifted their price target on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and increased their price target for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Morgan Stanley raised their price objective on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Finally, Truist Financial upped their target price on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. 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 MarketBeat.com, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus target price of $361.20.

Insider Transactions at RBC Bearings

In other news, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $362.25, for a total value of $2,898,000.00. Following the completion of the sale, the chief financial officer now owns 11,382 shares of the company’s stock, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael H. Ambrose sold 400 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total value of $145,156.00. Following the transaction, the director now directly owns 6,728 shares in the company, valued at $2,441,523.92. This trade represents a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,900 shares of company stock valued at $3,963,031 in the last quarter. Insiders own 2.60% of the company’s stock.

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.