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

State of New Jersey Common Pension Fund D lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 32.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 10,663 shares of the industrial products company’s stock after selling 5,104 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in RBC Bearings were worth $2,877,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of RBC. Private Advisor Group LLC boosted its stake in RBC Bearings by 27.6% during the fourth quarter. Private Advisor Group LLC now owns 1,252 shares of the industrial products company’s stock worth $357,000 after buying an additional 271 shares during the period. Principal Securities Inc. purchased a new position in shares of RBC Bearings during the 4th quarter worth about $30,000. Dimensional Fund Advisors LP grew its holdings in RBC Bearings by 8.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 293,061 shares of the industrial products company’s stock valued at $83,492,000 after purchasing an additional 21,766 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in RBC Bearings by 151.9% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 2,869 shares of the industrial products company’s stock valued at $817,000 after purchasing an additional 1,730 shares during the last quarter. Finally, Level Four Advisory Services LLC purchased a new stake in RBC Bearings in the 4th quarter worth about $398,000.

Insider Activity

In related news, Director Edward Stewart sold 3,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $5,672,607.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction that occurred on 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 completion of the sale, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction 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 completion of the transaction, the director now directly owns 20,461 shares in the company, valued at $5,672,607.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,327 shares of company stock worth $11,900,641. 2.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on RBC shares. Truist Financial cut their target price 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. William Blair initiated coverage on RBC Bearings in a research note on Wednesday, May 29th. They issued an “outperform” rating on the stock. The Goldman Sachs Group boosted their target price on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Raymond James assumed coverage on shares of RBC Bearings in a report on Friday, June 28th. They set a “market perform” rating for the company. Finally, Morgan Stanley upped their target price on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $287.67.

RBC Bearings Stock Up 0.6 %

Shares of RBC Bearings stock opened at $292.21 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 debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09. The stock has a market cap of $8.45 billion, a price-to-earnings ratio of 45.66, a PEG ratio of 3.49 and a beta of 1.51. The firm’s 50-day moving average is $287.72 and its two-hundred day moving average is $275.49.

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

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.