TIAA CREF Investment Management LLC Lowers Stake in RBC Bearings Incorporated (ROLL)
TIAA CREF Investment Management LLC cut its stake in shares of RBC Bearings Incorporated (NASDAQ:ROLL) by 6.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,321 shares of the industrial products company’s stock after selling 4,059 shares during the period. TIAA CREF Investment Management LLC’s holdings in RBC Bearings were worth $5,954,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new stake in RBC Bearings during the fourth quarter valued at approximately $180,000. State Street Corp increased its stake in RBC Bearings by 4.0% in the fourth quarter. State Street Corp now owns 403,598 shares of the industrial products company’s stock valued at $37,463,000 after buying an additional 15,394 shares during the period. Norges Bank acquired a new stake in RBC Bearings during the fourth quarter valued at approximately $14,820,000. Teachers Advisors LLC increased its stake in RBC Bearings by 2.8% in the fourth quarter. Teachers Advisors LLC now owns 43,552 shares of the industrial products company’s stock valued at $4,042,000 after buying an additional 1,195 shares during the period. Finally, Confluence Investment Management LLC increased its stake in RBC Bearings by 23.7% in the first quarter. Confluence Investment Management LLC now owns 21,676 shares of the industrial products company’s stock valued at $2,105,000 after buying an additional 4,153 shares during the period. 99.55% of the stock is currently owned by institutional investors and hedge funds.
Shares of RBC Bearings Incorporated (NASDAQ:ROLL) opened at 104.40 on Monday. The stock has a market capitalization of $2.48 billion, a P/E ratio of 35.15 and a beta of 1.30. The company’s 50-day moving average is $102.10 and its 200-day moving average is $95.99. RBC Bearings Incorporated has a one year low of $67.99 and a one year high of $108.39.
RBC Bearings (NASDAQ:ROLL) last announced its earnings results on Wednesday, May 31st. The industrial products company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.02. The business had revenue of $160.20 million for the quarter, compared to analysts’ expectations of $161.08 million. RBC Bearings had a net margin of 11.48% and a return on equity of 11.12%. The company’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 EPS. On average, equities research analysts anticipate that RBC Bearings Incorporated will post $3.57 earnings per share for the current year.
Separately, Zacks Investment Research raised shares of RBC Bearings from a “sell” rating to a “hold” rating in a report on Wednesday, March 29th.
In related news, VP Thomas C. Crainer sold 5,000 shares of RBC Bearings stock in a transaction on Friday, June 9th. The shares were sold at an average price of $106.62, for a total value of $533,100.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Richard J. Edwards sold 10,000 shares of RBC Bearings stock in a transaction on Friday, June 16th. The shares were sold at an average price of $104.19, for a total transaction of $1,041,900.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 135,425 shares of company stock worth $14,249,574. 4.40% of the stock is currently owned by insiders.
About RBC Bearings
RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and products, which are integral to the manufacture and operation of machines, aircraft and mechanical systems. The Company operates through four segments: Plain Bearings; Roller Bearings; Ball Bearings, and Engineered Products.
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