Texas Permanent School Fund Corp Has $6.86 Million Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Texas Permanent School Fund Corp lifted its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,372 shares of the industrial products company’s stock after acquiring an additional 250 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.09% of RBC Bearings worth $6,859,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. 1832 Asset Management L.P. acquired a new stake in RBC Bearings during the 4th quarter worth approximately $27,000. Principal Securities Inc. bought a new position in shares of RBC Bearings during the fourth quarter worth about $30,000. Benjamin F. Edwards & Company Inc. lifted its stake in shares of RBC Bearings by 570.8% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after acquiring an additional 137 shares during the period. GAMMA Investing LLC bought a new stake in RBC Bearings in the fourth quarter valued at approximately $66,000. Finally, YHB Investment Advisors Inc. acquired a new stake in RBC Bearings during the 1st quarter valued at approximately $93,000.

Wall Street Analyst Weigh In

RBC has been the subject of several recent analyst reports. The Goldman Sachs Group increased their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Morgan Stanley raised their target price on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Truist Financial upped their price target on RBC Bearings from $309.00 to $328.00 and gave the stock a “buy” rating in a research note on Tuesday, May 21st. Raymond James assumed coverage on RBC Bearings in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, William Blair began coverage on shares of RBC Bearings in a research note on Wednesday, May 29th. They set an “outperform” rating for the company. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and an average price target of $286.57.

Insiders Place Their Bets

In other news, Director Michael H. Ambrose sold 600 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total transaction of $167,496.00. Following the completion of the transaction, the director now owns 6,728 shares in the company, valued at approximately $1,878,188.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.90% of the company’s stock.

RBC Bearings Stock Performance

Shares of RBC traded up $1.55 on Friday, reaching $289.07. 1,888 shares of the company’s stock traded hands, compared to its average volume of 141,967. RBC Bearings Incorporated has a 52-week low of $203.65 and a 52-week high of $299.24. The stock has a market cap of $8.36 billion, a PE ratio of 44.93, a PEG ratio of 3.41 and a beta of 1.51. The stock’s 50 day simple moving average is $277.82 and its two-hundred day simple moving average is $270.63. The company has a current ratio of 3.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.43.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, May 17th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.22. RBC Bearings had a net margin of 13.45% and a return on equity of 9.81%. The business had revenue of $413.70 million during the quarter, compared to the consensus estimate of $414.21 million. During the same quarter last year, the company posted $2.06 earnings per share. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts forecast that RBC Bearings Incorporated will post 8.93 earnings per share for the current fiscal year.

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.