New York State Common Retirement Fund Has $8.56 Million Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

New York State Common Retirement Fund trimmed its position in RBC Bearings Incorporated (NYSE:RBC) by 3.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund 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 owned about 0.09% of RBC Bearings worth $8,563,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. R Squared Ltd bought a new stake in shares of RBC Bearings during the fourth quarter worth approximately $30,000. Golden State Wealth Management LLC acquired a new stake in RBC Bearings during the 4th quarter worth $38,000. UMB Bank n.a. raised its position in shares of RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock valued at $51,000 after acquiring an additional 79 shares during the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of RBC Bearings in the 4th quarter valued at $82,000. Finally, Blue Trust Inc. boosted its position in shares of RBC Bearings by 541.9% in the 3rd quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock worth $83,000 after purchasing an additional 233 shares during the last quarter.

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 stock was sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,382 shares in the company, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total transaction of $145,156.00. Following the sale, the director now directly owns 6,728 shares of the company’s stock, valued at $2,441,523.92. This represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,900 shares of company stock worth $3,963,031 over the last quarter. Company insiders own 2.60% of the company’s stock.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $357.56 on Wednesday. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $11.23 billion, a P/E ratio of 49.12, a P/E/G ratio of 4.42 and a beta of 1.58. RBC Bearings Incorporated has a 12 month low of $241.43 and a 12 month high of $372.83. The stock has a 50 day moving average of $327.09 and a 200-day moving average of $310.79.

Wall Street Analysts Forecast Growth

RBC has been the subject of several analyst reports. Truist Financial boosted their target price on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Morgan Stanley upped their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. KeyCorp lifted their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. William Blair reissued an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Finally, Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $361.20.

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.