Federated Hermes Inc. Sells 428 Shares of RBC Bearings Incorporated (NYSE:RBC)

Federated Hermes Inc. decreased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 10.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,518 shares of the industrial products company’s stock after selling 428 shares during the quarter. Federated Hermes Inc.’s holdings in RBC Bearings were worth $1,002,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in RBC. Louisiana State Employees Retirement System bought a new stake in RBC Bearings during the 4th quarter valued at $2,336,000. State of Michigan Retirement System bought a new stake in RBC Bearings in the third quarter worth about $1,615,000. Dark Forest Capital Management LP purchased a new position in RBC Bearings in the third quarter valued at about $512,000. Securian Asset Management Inc. bought a new position in shares of RBC Bearings during the 3rd quarter valued at approximately $576,000. Finally, Amalgamated Bank raised its holdings in shares of RBC Bearings by 352.6% in the 3rd quarter. Amalgamated Bank now owns 19,275 shares of the industrial products company’s stock worth $4,513,000 after purchasing an additional 15,016 shares during the period.

RBC Bearings Trading Down 0.9 %

Shares of RBC stock opened at $244.46 on Wednesday. The stock has a market capitalization of $6.89 billion, a price-to-earnings ratio of 40.88, a PEG ratio of 4.66 and a beta of 1.45. The company’s fifty day simple moving average is $262.10 and its two-hundred day simple moving average is $258.80. RBC Bearings Incorporated has a 1 year low of $195.18 and a 1 year high of $288.16. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.28 and a quick ratio of 1.12.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Thursday, February 8th. The industrial products company reported $1.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The company had revenue of $373.91 million for the quarter, compared to the consensus estimate of $376.61 million. RBC Bearings had a net margin of 12.81% and a return on equity of 9.64%. As a group, analysts anticipate that RBC Bearings Incorporated will post 8.02 earnings per share for the current year.

Insider Activity

In other news, COO Daniel A. Bergeron sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total value of $4,008,300.00. Following the completion of the transaction, the chief operating officer now directly owns 121,935 shares in the company, valued at $32,583,470.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on RBC shares. Truist Financial increased their price objective on RBC Bearings from $271.00 to $309.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. Citigroup increased their price target on RBC Bearings from $250.00 to $285.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.86.

RBC Bearings Profile

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.