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

State of Michigan Retirement System increased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 7.2% during the fourth quarter, HoldingsChannel reports. 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in RBC. Jennison Associates LLC raised its holdings in shares of RBC Bearings by 170.2% in the 3rd quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock worth $35,399,000 after acquiring an additional 74,474 shares during the last quarter. Erste Asset Management GmbH bought a new stake in RBC Bearings in the 3rd quarter worth about $20,657,000. Allspring Global Investments Holdings LLC grew its position in RBC Bearings by 39.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock worth $66,247,000 after purchasing an additional 62,706 shares in the last quarter. Champlain Investment Partners LLC grew its position in RBC Bearings by 12.6% in the 3rd quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock worth $109,290,000 after purchasing an additional 40,724 shares in the last quarter. Finally, Strategic Financial Concepts LLC bought a new stake in RBC Bearings in the 4th quarter worth about $7,785,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Truist Financial upped their price objective on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. KeyCorp upped their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Finally, Morgan Stanley increased their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus price target of $361.20.

RBC Bearings Stock Up 1.3 %

RBC Bearings stock opened at $353.30 on Friday. RBC Bearings Incorporated has a twelve month low of $241.43 and a twelve month high of $372.83. The firm has a 50 day moving average price of $334.91 and a 200-day moving average price of $314.57. The company has a market capitalization of $11.10 billion, a P/E ratio of 48.53, a P/E/G ratio of 4.42 and a beta of 1.72. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34.

Insider Activity at RBC Bearings

In related news, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 6,728 shares in the company, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $362.25, for a total transaction of $2,898,000.00. Following the sale, the chief financial officer now owns 11,382 shares in the company, valued at $4,123,129.50. The trade was a 41.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,900 shares of company stock worth $3,963,031. 2.60% of the stock is owned by corporate insiders.

RBC Bearings Company 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.