Arizona State Retirement System Increases Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Arizona State Retirement System boosted its stake in RBC Bearings Incorporated (NYSE:RBC) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,059 shares of the industrial products company’s stock after acquiring an additional 102 shares during the period. Arizona State Retirement System’s holdings in RBC Bearings were worth $2,411,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. R Squared Ltd purchased a new stake in RBC Bearings in the fourth quarter valued at $30,000. Golden State Wealth Management LLC purchased a new stake in shares of RBC Bearings in the fourth quarter valued at about $38,000. UMB Bank n.a. raised its holdings in shares of RBC Bearings by 84.9% in the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock valued at $51,000 after buying an additional 79 shares during the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of RBC Bearings in the fourth quarter valued at about $82,000. Finally, Quarry LP raised its holdings in shares of RBC Bearings by 1,003.7% in the third quarter. Quarry LP now owns 298 shares of the industrial products company’s stock valued at $89,000 after buying an additional 271 shares during the last quarter.

RBC Bearings Trading Down 2.3 %

Shares of RBC Bearings stock opened at $345.03 on Tuesday. RBC Bearings Incorporated has a 52-week low of $241.43 and a 52-week high of $372.83. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The company’s 50-day simple moving average is $335.87 and its 200-day simple moving average is $315.11. The firm has a market cap of $10.84 billion, a price-to-earnings ratio of 47.39, a price-to-earnings-growth ratio of 4.42 and a beta of 1.72.

Insiders Place Their Bets

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael J. Hartnett sold 2,500 shares of the company’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction of $919,875.00. Following 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 10,900 shares of company stock worth $3,963,031. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Truist Financial upped their target price on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a 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 report on Tuesday, February 4th. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their target price for the company from $330.00 to $335.00 in a report on Thursday, November 21st. Finally, KeyCorp boosted their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, RBC Bearings currently has an average 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.