Retirement Systems of Alabama Buys 2,405 Shares of RBC Bearings Incorporated (NYSE:RBC)

Retirement Systems of Alabama raised its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 6.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,245 shares of the industrial products company's stock after purchasing an additional 2,405 shares during the period. Retirement Systems of Alabama owned about 0.12% of RBC Bearings worth $11,450,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Synovus Financial Corp grew its stake in RBC Bearings by 6.2% in the third quarter. Synovus Financial Corp now owns 13,830 shares of the industrial products company's stock worth $4,141,000 after purchasing an additional 805 shares in the last quarter. Tidal Investments LLC grew its position in shares of RBC Bearings by 36.0% in the 3rd quarter. Tidal Investments LLC now owns 3,016 shares of the industrial products company's stock worth $903,000 after acquiring an additional 798 shares in the last quarter. SkyView Investment Advisors LLC increased its holdings in shares of RBC Bearings by 1.6% in the 3rd quarter. SkyView Investment Advisors LLC now owns 3,621 shares of the industrial products company's stock valued at $1,084,000 after acquiring an additional 58 shares during the last quarter. Geode Capital Management LLC raised its position in shares of RBC Bearings by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company's stock valued at $144,490,000 after acquiring an additional 5,040 shares in the last quarter. Finally, Barclays PLC lifted its stake in RBC Bearings by 162.2% during the third quarter. Barclays PLC now owns 21,030 shares of the industrial products company's stock worth $6,296,000 after purchasing an additional 13,010 shares during the last quarter.

Insider Buying and Selling

In related news, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now owns 322,588 shares of the company's stock, valued at approximately $93,227,932. This trade represents a 0.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Truist Financial increased their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. Bank of America cut shares of RBC Bearings from a "buy" rating to a "neutral" rating and raised their target price for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. William Blair reaffirmed an "outperform" rating on shares of RBC Bearings in a report on Tuesday, November 26th. Finally, KeyCorp upgraded RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 price objective for the company in a research report on Friday, November 22nd. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $324.67.

RBC Bearings Price Performance

Shares of RBC stock traded down $5.80 during mid-day trading on Tuesday, hitting $320.58. 199,906 shares of the stock traded hands, compared to its average volume of 144,211. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. The firm has a market cap of $10.07 billion, a price-to-earnings ratio of 46.80, a price-to-earnings-growth ratio of 4.50 and a beta of 1.55. The company's 50-day simple moving average is $311.10 and its 200-day simple moving average is $294.59. RBC Bearings Incorporated has a twelve month low of $240.36 and a twelve month high of $346.77.

RBC Bearings (NYSE:RBC - Get Free Report) last released 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). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. During the same period in the previous year, the firm earned $2.07 earnings per share. RBC Bearings's revenue was up 3.2% on a year-over-year basis. As a group, equities research analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

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.