California Public Employees Retirement System Sells 3,666 Shares of RBC Bearings Incorporated (NYSE:RBC)

California Public Employees Retirement System trimmed its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 7.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 45,479 shares of the industrial products company's stock after selling 3,666 shares during the quarter. California Public Employees Retirement System owned 0.14% of RBC Bearings worth $13,605,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jane Street Group LLC raised its stake in shares of RBC Bearings by 18.5% during the 3rd quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company's stock valued at $4,951,000 after purchasing an additional 2,584 shares during the period. State Street Corp increased its stake in RBC Bearings by 2.4% in the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company's stock worth $253,028,000 after acquiring an additional 19,962 shares during the last quarter. Bank of New York Mellon Corp increased its stake in RBC Bearings by 0.6% in the 4th quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company's stock worth $59,581,000 after acquiring an additional 1,103 shares during the last quarter. Geode Capital Management LLC increased its stake in RBC Bearings by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company's stock worth $144,490,000 after acquiring an additional 5,040 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in RBC Bearings by 17.5% during the 4th quarter. GAMMA Investing LLC now owns 517 shares of the industrial products company's stock valued at $155,000 after acquiring an additional 77 shares during the period.

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RBC Bearings Stock Down 2.7 %

NYSE:RBC traded down $9.06 during trading hours on Thursday, reaching $324.33. 11,578 shares of the company traded hands, compared to its average volume of 160,374. The business's 50-day moving average price is $345.28 and its two-hundred day moving average price is $321.07. The stock has a market capitalization of $10.19 billion, a P/E ratio of 44.60, a P/E/G ratio of 4.42 and a beta of 1.60. RBC Bearings Incorporated has a 1 year low of $241.43 and a 1 year high of $372.83. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34.

Insider Buying and Selling at RBC Bearings

In other news, CEO Michael J. Hartnett sold 2,500 shares of the business's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total value of $919,875.00. Following the completion of the transaction, the chief executive officer now owns 320,088 shares in the company, valued at $117,776,379.60. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert M. Sullivan sold 8,000 shares of the business's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total value of $2,898,000.00. Following the completion of the transaction, the chief financial officer now owns 11,382 shares of the company's stock, valued at $4,123,129.50. This represents a 41.28 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,900 shares of company stock worth $3,963,031. 2.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on RBC. Morgan Stanley increased their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an "overweight" rating in a report on Tuesday, February 4th. Truist Financial lifted their price objective on RBC Bearings from $351.00 to $410.00 and gave the stock a "buy" rating in a research report on Monday, February 3rd. Finally, KeyCorp lifted their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of "Moderate Buy" and a consensus price target of $361.20.

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.