Arizona State Retirement System Makes New $1.96 Million Investment in RBC Bearings Incorporated (NYSE:RBC)

Nov 18, 2023

Arizona State Retirement System purchased a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,407 shares of the industrial products company's stock, valued at approximately $1,957,000.

Other hedge funds have also added to or reduced their stakes in the company. Wesbanco Bank Inc. bought a new stake in RBC Bearings in the first quarter worth $409,000. DAVENPORT & Co LLC bought a new stake in RBC Bearings in the first quarter worth $1,560,000. Carmel Capital Management L.L.C. bought a new stake in RBC Bearings in the first quarter worth $4,696,000. HM Payson & Co. bought a new position in shares of RBC Bearings during the first quarter valued at about $60,000. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in shares of RBC Bearings during the first quarter valued at about $6,377,000.

Shares of NYSE:RBC opened at $220.22 on Friday. The company has a market cap of $6.39 billion, a price-to-earnings ratio of 44.58, a price-to-earnings-growth ratio of 4.79 and a beta of 1.43. The company has a 50-day moving average price of $213.90 and a 200-day moving average price of $222.84. The company has a current ratio of 2.95, a quick ratio of 1.05 and a debt-to-equity ratio of 0.55. RBC Bearings Incorporated has a 12 month low of $195.18 and a 12 month high of $264.94.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings data on Friday, May 19th. The industrial products company reported $2.06 EPS for the quarter, beating the consensus estimate of $1.80 by $0.26. The firm had revenue of $394.42 million during the quarter, compared to the consensus estimate of $379.84 million. RBC Bearings had a net margin of 11.34% and a return on equity of 9.45%. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 7.75 EPS for the current year.

In related news, Director Michael H. Ambrose sold 400 shares of the business's stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $220.00, for a total transaction of $88,000.00. Following the transaction, the director now owns 6,800 shares in the company, valued at $1,496,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is owned by corporate insiders.

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Before you consider RBC Bearings, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and RBC Bearings wasn't on the list.

While RBC Bearings currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.

Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat's trending stocks report.

Identify stocks that meet your criteria using seven unique stock screeners. See what's happening in the market right now with MarketBeat's real-time news feed. Export data to Excel for your own analysis.