Texas Permanent School Fund Corp Purchases New Holdings in RBC Bearings Incorporated (NYSE:RBC)

Texas Permanent School Fund Corp acquired a new stake in RBC Bearings Incorporated (NYSE:RBCFree Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 24,674 shares of the industrial products company’s stock, valued at approximately $5,777,000.

Other institutional investors also recently bought and sold shares of the company. State of Michigan Retirement System purchased a new position in RBC Bearings in the third quarter valued at $1,615,000. Securian Asset Management Inc. acquired a new position in shares of RBC Bearings in the third quarter valued at approximately $576,000. Amalgamated Bank increased its holdings in shares of RBC Bearings by 352.6% in the third quarter. Amalgamated Bank now owns 19,275 shares of the industrial products company’s stock valued at $4,513,000 after purchasing an additional 15,016 shares during the period. National Bank of Canada FI grew its holdings in RBC Bearings by 1,318.1% during the second quarter. National Bank of Canada FI now owns 1,489 shares of the industrial products company’s stock worth $326,000 after acquiring an additional 1,384 shares during the period. Finally, Fifth Third Bancorp grew its holdings in RBC Bearings by 14.3% during the third quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company’s stock worth $99,000 after acquiring an additional 53 shares during the period.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Truist Financial upped their price objective on RBC Bearings from $271.00 to $309.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. The Goldman Sachs Group upped their price objective on RBC Bearings from $229.00 to $256.00 and gave the company a “buy” rating in a research report on Thursday, December 14th. Bank of America upgraded RBC Bearings from an “underperform” rating to a “buy” rating and increased their target price for the stock from $230.00 to $280.00 in a research report on Wednesday, November 29th. Finally, Wells Fargo & Company increased their target price on RBC Bearings from $235.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Monday, November 13th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $270.14.

Get Our Latest Stock Report on RBC

RBC Bearings Trading Up 3.1 %

NYSE RBC opened at $266.18 on Monday. The company’s fifty day simple moving average is $272.93 and its 200-day simple moving average is $246.10. RBC Bearings Incorporated has a 52 week low of $195.18 and a 52 week high of $288.16. The company has a current ratio of 3.28, a quick ratio of 1.12 and a debt-to-equity ratio of 0.47. The stock has a market cap of $7.77 billion, a P/E ratio of 44.51, a PEG ratio of 5.57 and a beta of 1.46.

RBC Bearings (NYSE:RBCGet Free Report) last posted its quarterly earnings results on Thursday, November 9th. The industrial products company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.16. The firm had revenue of $385.57 million for the quarter, compared to analysts’ expectations of $390.18 million. RBC Bearings had a net margin of 12.81% and a return on equity of 9.64%. Equities research analysts predict that RBC Bearings Incorporated will post 8.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other RBC Bearings news, VP Patrick S. Bannon sold 13,000 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $244.27, for a total transaction of $3,175,510.00. Following the sale, the vice president now directly owns 12,376 shares of the company’s stock, valued at $3,023,085.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other RBC Bearings news, VP Patrick S. Bannon sold 13,000 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $244.27, for a total transaction of $3,175,510.00. Following the sale, the vice president now directly owns 12,376 shares of the company’s stock, valued at $3,023,085.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Hartnett sold 16,530 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $260.54, for a total transaction of $4,306,726.20. Following the sale, the chief executive officer now directly owns 293,447 shares in the company, valued at $76,454,681.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,091 shares of company stock valued at $12,049,813. Company insiders own 2.90% of the company’s stock.

About RBC Bearings

(Free Report)

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.

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Institutional Ownership by Quarter for RBC Bearings (NYSE:RBC)

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