California State Teachers Retirement System increased its stake in shares of RBC Bearings Incorporated (NYSE:RBC – Free Report) by 61,201.1% during the second quarter, Holdings Channel reports. The institutional investor owned 21,261,065 shares of the industrial products company’s stock after acquiring an additional 21,226,382 shares during the period. California State Teachers Retirement System owned about 0.67% of RBC Bearings worth $13,693,402,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. purchased a new position in RBC Bearings in the first quarter valued at about $26,000. Western Wealth Management LLC purchased a new stake in shares of RBC Bearings during the 1st quarter worth approximately $27,000. SBI Securities Co. Ltd. boosted its stake in shares of RBC Bearings by 106.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 33 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 49 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of RBC Bearings by 123.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock worth $37,000 after acquiring an additional 53 shares during the period.
RBC Bearings Trading Up 0.8%
Shares of RBC opened at $492.43 on Wednesday. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The company has a market capitalization of $15.59 billion, a PE ratio of 48.66, a price-to-earnings-growth ratio of 2.62 and a beta of 1.39. The stock has a fifty day moving average of $554.12 and a two-hundred day moving average of $572.27. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on RBC shares. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Truist Financial raised their price target on RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $686.00 price objective on shares of RBC Bearings in a research report on Tuesday, August 4th. Raymond James Financial upgraded shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 target price for the company in a report on Monday, August 3rd. Finally, Royal Bank Of Canada set a $645.00 price target on shares of RBC Bearings in a report on Monday, August 3rd. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus target price of $623.00.
Get Our Latest Stock Report on RBC Bearings
Insider Activity
In other news, VP John J. Feeney sold 225 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the transaction, the vice president owned 2,378 shares of the company’s stock, valued at $1,564,581.32. This represents a 8.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Dolores J. Ennico sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director directly owned 7,254 shares in the company, valued at $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.80% of the company’s stock.
About RBC Bearings
RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.
The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.
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