RBC Bearings Incorporated (NYSE:RBC) Position Reduced by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund cut its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 45.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,177 shares of the industrial products company’s stock after selling 1,825 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in RBC Bearings were worth $620,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new stake in RBC Bearings during the fourth quarter valued at about $2,336,000. State of Michigan Retirement System purchased a new stake in RBC Bearings during the third quarter valued at about $1,615,000. Dark Forest Capital Management LP purchased a new stake in RBC Bearings during the third quarter valued at about $512,000. Securian Asset Management Inc. purchased a new stake in RBC Bearings during the third quarter valued at about $576,000. Finally, Amalgamated Bank lifted its stake in RBC Bearings by 352.6% during the third quarter. Amalgamated Bank now owns 19,275 shares of the industrial products company’s stock valued at $4,513,000 after buying an additional 15,016 shares in the last quarter.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Citigroup upped their price objective on shares of RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. Truist Financial increased 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. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $275.86.

Insider Buying and Selling

In related news, COO Daniel A. Bergeron sold 15,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $267.22, for a total value of $4,008,300.00. Following the completion of the transaction, the chief operating officer now directly owns 121,935 shares of the company’s stock, valued at $32,583,470.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.90% of the stock is owned by company insiders.

RBC Bearings Stock Up 0.6 %

Shares of RBC stock opened at $246.48 on Tuesday. The stock has a market cap of $6.95 billion, a P/E ratio of 41.22, a price-to-earnings-growth ratio of 4.66 and a beta of 1.45. RBC Bearings Incorporated has a one year low of $195.18 and a one year high of $288.16. The stock has a fifty day moving average price of $262.10 and a 200 day moving average price of $258.80. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.28 and a quick ratio of 1.12.

RBC Bearings (NYSE:RBC) last issued its earnings results on Thursday, February 8th. The industrial products company reported $1.75 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.08). The firm had revenue of $373.91 million during the quarter, compared to the consensus estimate of $376.61 million. RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. Analysts predict that RBC Bearings Incorporated will post 8.02 earnings per share for the current year.

RBC Bearings Profile

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.