Federated Hermes Inc. Has $797,000 Position in RBC Bearings Incorporated (NYSE:RBC)

Federated Hermes Inc. reduced its holdings in RBC Bearings Incorporated (NYSE:RBC) by 10.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,954 shares of the industrial products company’s stock after selling 359 shares during the quarter. Federated Hermes Inc.’s holdings in RBC Bearings were worth $797,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of RBC. Norges Bank acquired a new position in RBC Bearings in the fourth quarter valued at approximately $83,318,000. Maren Capital LLC bought a new stake in RBC Bearings in the fourth quarter valued at approximately $80,912,000. Public Employees Retirement Association of Colorado increased its stake in RBC Bearings by 1,362.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock valued at $33,853,000 after purchasing an additional 110,705 shares in the last quarter. American Century Companies Inc. increased its stake in RBC Bearings by 30.4% in the second quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after purchasing an additional 48,209 shares in the last quarter. Finally, Douglas Lane & Associates LLC increased its stake in RBC Bearings by 123.9% in the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock valued at $22,085,000 after purchasing an additional 45,294 shares in the last quarter.

Wall Street Analyst Weigh In

RBC has been the subject of several recent analyst reports. Truist Financial lowered their target price on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. William Blair initiated coverage on shares of RBC Bearings in a research note on Wednesday, May 29th. They issued an “outperform” rating for the company. Raymond James began coverage on shares of RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Finally, The Goldman Sachs Group increased their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $287.67.

RBC Bearings Stock Down 1.4 %

Shares of RBC stock opened at $295.45 on Monday. The firm has a fifty day moving average of $288.21 and a 200-day moving average of $276.11. The company has a quick ratio of 1.09, a current ratio of 3.01 and a debt-to-equity ratio of 0.40. RBC Bearings Incorporated has a 12-month low of $214.14 and a 12-month high of $309.01. The company has a market capitalization of $8.64 billion, a price-to-earnings ratio of 46.16, a P/E/G ratio of 3.49 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.33. The business had revenue of $406.30 million during the quarter, compared to the consensus estimate of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.98 earnings per share. As a group, equities research analysts predict that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

Insider Activity at RBC Bearings

In related news, VP Richard J. Edwards sold 4,200 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the transaction, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total value of $831,720.00. Following the completion of the sale, the director now owns 20,461 shares in the company, valued at $5,672,607.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,327 shares of company stock valued at $11,900,641. Corporate insiders own 2.90% of the company’s stock.

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.