RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio cut its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 5.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 33,974 shares of the industrial products company's stock after selling 2,101 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.11% of RBC Bearings worth $10,171,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. UMB Bank n.a. boosted its holdings in shares of RBC Bearings by 416.7% in the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock valued at $28,000 after buying an additional 75 shares in the last quarter. DT Investment Partners LLC acquired a new stake in RBC Bearings in the second quarter valued at approximately $35,000. Canada Pension Plan Investment Board purchased a new position in RBC Bearings in the second quarter worth $54,000. Strategic Financial Concepts LLC acquired a new position in shares of RBC Bearings during the second quarter worth $68,000. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in shares of RBC Bearings by 80.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 290 shares of the industrial products company's stock valued at $78,000 after purchasing an additional 129 shares during the last quarter.

Analyst Upgrades and Downgrades

RBC has been the topic of several recent analyst reports. William Blair reaffirmed an "outperform" rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Truist Financial increased their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a "buy" rating in a research report on Wednesday, November 20th. Bank of America cut shares of RBC Bearings from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, KeyCorp upgraded shares of RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 price target on the stock in a research note on Friday, November 22nd. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $324.67.

Insider Transactions at RBC Bearings

In related news, CEO Michael J. Hartnett sold 11,341 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the sale, the chief executive officer now directly owns 320,053 shares of the company's stock, valued at approximately $92,021,638.56. This represents a 3.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold 31,127 shares of company stock worth $8,987,017 over the last quarter. 2.60% of the stock is currently owned by insiders.

RBC Bearings Stock Performance

NYSE:RBC traded down $4.45 during midday trading on Thursday, hitting $330.97. The company's stock had a trading volume of 109,235 shares, compared to its average volume of 143,673. The firm's 50 day moving average is $308.07 and its 200-day moving average is $293.57. The firm has a market cap of $10.40 billion, a P/E ratio of 49.00, a P/E/G ratio of 4.60 and a beta of 1.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. RBC Bearings Incorporated has a fifty-two week low of $240.36 and a fifty-two week high of $346.77.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company's revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.07 earnings per share. Equities analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

About RBC Bearings

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.