RBC Bearings Incorporated (NYSE:RBC) Shares Acquired by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund grew its stake in RBC Bearings Incorporated (NYSE:RBC) by 7.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,385 shares of the industrial products company’s stock after purchasing an additional 454 shares during the period. Oregon Public Employees Retirement Fund’s holdings in RBC Bearings were worth $1,910,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of RBC. Jennison Associates LLC grew its holdings in RBC Bearings by 170.2% during the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock worth $35,399,000 after acquiring an additional 74,474 shares during the period. Erste Asset Management GmbH acquired a new position in RBC Bearings during the third quarter worth $20,657,000. Allspring Global Investments Holdings LLC grew its holdings in RBC Bearings by 39.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock worth $66,247,000 after acquiring an additional 62,706 shares during the period. Champlain Investment Partners LLC grew its holdings in RBC Bearings by 12.6% during the third quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock worth $109,290,000 after acquiring an additional 40,724 shares during the period. Finally, Strategic Financial Concepts LLC acquired a new position in RBC Bearings during the fourth quarter worth $7,785,000.

Analyst Upgrades and Downgrades

RBC has been the topic of a number of recent analyst reports. Morgan Stanley upped 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. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. KeyCorp upped their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Finally, Truist Financial boosted their target price on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $361.20.

RBC Bearings Stock Performance

NYSE RBC opened at $359.08 on Friday. The business’s 50-day moving average price is $330.00 and its 200 day moving average price is $312.02. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month high of $372.83. The company has a market capitalization of $11.28 billion, a PE ratio of 49.32, a price-to-earnings-growth ratio of 4.42 and a beta of 1.58. 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

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 stock was sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,382 shares in the company, valued at $4,123,129.50. This represents a 41.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 value of $919,875.00. Following the sale, the chief executive officer now owns 320,088 shares of the company’s stock, valued at $117,776,379.60. This represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,900 shares of company stock worth $3,963,031. 2.60% of the stock is owned by company insiders.

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.