Texas Permanent School Fund Corp Has $3.71 Million Stake in RBC Bearings Incorporated $RBC

Texas Permanent School Fund Corp reduced its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 18.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,650 shares of the industrial products company’s stock after selling 2,165 shares during the period. Texas Permanent School Fund Corp’s holdings in RBC Bearings were worth $3,713,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Machina Capital S.A.S. bought a new position in shares of RBC Bearings during the second quarter worth about $352,000. HB Wealth Management LLC bought a new position in RBC Bearings during the 2nd quarter worth approximately $237,000. Jump Financial LLC acquired a new position in shares of RBC Bearings in the 1st quarter worth approximately $254,000. Frontier Capital Management Co. LLC bought a new stake in shares of RBC Bearings in the 2nd quarter valued at $39,818,000. Finally, Dakota Wealth Management acquired a new stake in shares of RBC Bearings during the second quarter worth $628,000.

Analyst Upgrades and Downgrades

RBC has been the topic of several recent analyst reports. Truist Financial restated a “buy” rating and issued a $471.00 target price (up previously from $455.00) on shares of RBC Bearings in a report on Monday, November 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Bank of America raised RBC Bearings from a “neutral” rating to a “buy” rating and boosted their price target for the company from $390.00 to $500.00 in a research note on Thursday, November 6th. Finally, Deutsche Bank Aktiengesellschaft set a $527.00 price objective on shares of RBC Bearings and gave the stock a “buy” rating in a research report on Wednesday. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $463.17.

Insider Buying and Selling at RBC Bearings

In related news, Director Steven H. Kaplan sold 700 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $443.00, for a total value of $310,100.00. Following the sale, the director owned 1,999 shares in the company, valued at $885,557. This represents a 25.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP John J. Feeney sold 105 shares of the firm’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $382.83, for a total transaction of $40,197.15. Following the completion of the transaction, the vice president directly owned 2,666 shares in the company, valued at approximately $1,020,624.78. The trade was a 3.79% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

RBC Bearings Stock Up 1.0%

RBC stock opened at $449.24 on Friday. The stock’s 50 day simple moving average is $425.30 and its 200 day simple moving average is $399.43. The company has a market cap of $14.20 billion, a P/E ratio of 54.85, a price-to-earnings-growth ratio of 3.11 and a beta of 1.53. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.13 and a current ratio of 3.18. RBC Bearings Incorporated has a fifty-two week low of $290.56 and a fifty-two week high of $465.80.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 EPS for the quarter. RBC Bearings had a return on equity of 10.47% and a net margin of 15.03%.The firm had revenue of $156.21 million during the quarter. On average, research analysts expect that RBC Bearings Incorporated will post 9.16 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.