New York State Common Retirement Fund trimmed its holdings in RBC Bearings Incorporated (NASDAQ:ROLL) by 6.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,075 shares of the industrial products company’s stock after selling 2,194 shares during the period. New York State Common Retirement Fund’s holdings in RBC Bearings were worth $6,197,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of RBC Bearings by 4.3% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,058,042 shares of the industrial products company’s stock valued at $404,962,000 after buying an additional 84,953 shares during the last quarter. Wasatch Advisors Inc. lifted its position in shares of RBC Bearings by 1.5% in the first quarter. Wasatch Advisors Inc. now owns 1,671,881 shares of the industrial products company’s stock valued at $328,977,000 after buying an additional 25,291 shares during the last quarter. Fred Alger Management LLC lifted its position in shares of RBC Bearings by 46.3% in the first quarter. Fred Alger Management LLC now owns 1,244,398 shares of the industrial products company’s stock valued at $244,860,000 after buying an additional 394,017 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of RBC Bearings by 23.3% during the first quarter. Clearbridge Investments LLC now owns 878,522 shares of the industrial products company’s stock worth $172,867,000 after purchasing an additional 165,748 shares during the period. Finally, Conestoga Capital Advisors LLC increased its stake in shares of RBC Bearings by 0.9% during the second quarter. Conestoga Capital Advisors LLC now owns 785,181 shares of the industrial products company’s stock worth $156,581,000 after purchasing an additional 7,015 shares during the period. 87.96% of the stock is owned by institutional investors.
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In other RBC Bearings news, CEO Michael J. Hartnett sold 18,900 shares of the firm’s stock in a transaction on Monday, June 14th. The stock was sold at an average price of $201.04, for a total transaction of $3,799,656.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 44,640 shares of company stock worth $8,903,976. Corporate insiders own 2.70% of the company’s stock.
RBC Bearings stock opened at $229.64 on Friday. The stock’s fifty day moving average price is $216.61 and its two-hundred day moving average price is $203.35. RBC Bearings Incorporated has a one year low of $113.40 and a one year high of $250.52. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.23 and a quick ratio of 4.36. The firm has a market cap of $5.84 billion, a PE ratio of 62.06 and a beta of 1.38.
RBC Bearings (NASDAQ:ROLL) last posted its quarterly earnings data on Thursday, August 5th. The industrial products company reported $1.04 EPS for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.04. RBC Bearings had a return on equity of 8.16% and a net margin of 15.27%. Sell-side analysts expect that RBC Bearings Incorporated will post 4.49 earnings per share for the current fiscal year.
A number of brokerages have recently weighed in on ROLL. Truist increased their target price on RBC Bearings from $175.00 to $225.00 and gave the stock a “hold” rating in a research note on Tuesday, July 27th. They noted that the move was a valuation call. Zacks Investment Research lowered RBC Bearings from a “buy” rating to a “hold” rating and set a $211.00 target price on the stock. in a research note on Tuesday, July 6th.
About RBC Bearings
RBC Bearings, Inc engages in the design, manufacture, and marketing of engineered precision bearings and products. It operates through the following segments: Plain Bearings, Roller Bearings, Ball Bearings and Engineered Products. The Plain Bearings segment produces self-lubricating, metal-to-metal designs and other sub-classes, including rod end bearings, spherical plain bearings, and journal bearings.
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