State of Michigan Retirement System Has $2.21 Million Stake in RBC Bearings Incorporated (NYSE:RBC)

State of Michigan Retirement System boosted its position in RBC Bearings Incorporated (NYSE:RBC) by 7.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,400 shares of the industrial products company’s stock after acquiring an additional 500 shares during the quarter. State of Michigan Retirement System’s holdings in RBC Bearings were worth $2,214,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Jane Street Group LLC increased its stake in RBC Bearings by 18.5% in the third quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company’s stock valued at $4,951,000 after acquiring an additional 2,584 shares during the last quarter. Segall Bryant & Hamill LLC increased its stake in RBC Bearings by 41.6% in the third quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company’s stock valued at $8,896,000 after acquiring an additional 8,725 shares during the last quarter. TimesSquare Capital Management LLC increased its stake in RBC Bearings by 17.3% in the third quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock valued at $27,125,000 after acquiring an additional 13,395 shares during the last quarter. Holocene Advisors LP grew its stake in shares of RBC Bearings by 69.4% during the third quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company’s stock worth $3,711,000 after buying an additional 5,078 shares during the last quarter. Finally, State Street Corp grew its stake in shares of RBC Bearings by 2.4% during the third quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after buying an additional 19,962 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RBC shares. KeyCorp boosted their target price 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. Bank of America cut shares of 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 note on Thursday, November 21st. Truist Financial boosted their target price on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Morgan Stanley boosted their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Finally, William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $361.20.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $353.30 on Friday. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month high of $372.83. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 48.53, a P/E/G ratio of 4.42 and a beta of 1.72. The company’s fifty day moving average is $334.91 and its 200 day moving average is $314.57.

Insider Activity at RBC Bearings

In related news, CEO Michael J. Hartnett sold 2,500 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $367.95, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the transaction, the director now owns 6,728 shares in the company, valued at approximately $2,441,523.92. The trade was a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,900 shares of company stock worth $3,963,031 over the last quarter. Company insiders own 2.60% of the company’s stock.

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.