New York State Teachers Retirement System Has $3.27 Million Stock Position in RBC Bearings Incorporated $RBC

New York State Teachers Retirement System raised its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 15.9% in the 4th quarter, Holdings Channel reports. The firm owned 7,300 shares of the industrial products company’s stock after acquiring an additional 1,000 shares during the period. New York State Teachers Retirement System’s holdings in RBC Bearings were worth $3,274,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its position in RBC Bearings by 0.5% during the third quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after purchasing an additional 4,568 shares in the last quarter. Artisan Partners Limited Partnership raised its position in RBC Bearings by 51.7% during the third quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock valued at $241,821,000 after purchasing an additional 211,093 shares in the last quarter. Invesco Ltd. raised its position in RBC Bearings by 60.5% during the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock valued at $148,763,000 after purchasing an additional 143,710 shares in the last quarter. Port Capital LLC raised its position in RBC Bearings by 0.9% during the third quarter. Port Capital LLC now owns 367,848 shares of the industrial products company’s stock valued at $143,567,000 after purchasing an additional 3,300 shares in the last quarter. Finally, First Trust Advisors LP raised its position in RBC Bearings by 36.4% during the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock valued at $137,669,000 after purchasing an additional 94,203 shares in the last quarter.

RBC Bearings Stock Performance

NYSE RBC opened at $612.36 on Friday. The firm’s fifty day moving average price is $569.85 and its two-hundred day moving average price is $504.53. The stock has a market cap of $19.36 billion, a PE ratio of 72.04, a PEG ratio of 2.98 and a beta of 1.47. RBC Bearings Incorporated has a fifty-two week low of $344.45 and a fifty-two week high of $632.00. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86.

RBC Bearings (NYSE:RBC) last posted its earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.21. The firm had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $460.69 million. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The company’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.34 earnings per share. On average, equities analysts expect that RBC Bearings Incorporated will post 11.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RBC shares. The Goldman Sachs Group restated a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a research report on Monday, February 9th. Truist Financial raised shares of RBC Bearings to a “strong-buy” rating in a research note on Friday, May 1st. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $600.00 target price on shares of RBC Bearings in a research note on Friday, February 6th. Finally, KeyCorp boosted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, RBC Bearings currently has an average rating of “Buy” and an average target price of $574.67.

RBC Bearings Company Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.