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

Federated Hermes Inc. decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 10.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,954 shares of the industrial products company’s stock after selling 359 shares during the period. Federated Hermes Inc.’s holdings in RBC Bearings were worth $797,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. American Century Companies Inc. lifted its position in RBC Bearings by 30.4% during the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock worth $55,745,000 after acquiring an additional 48,209 shares during the last quarter. Mitchell Sinkler & Starr PA acquired a new position in RBC Bearings during the 2nd quarter worth $354,000. Quest Partners LLC lifted its position in RBC Bearings by 16,375.0% during the 2nd quarter. Quest Partners LLC now owns 659 shares of the industrial products company’s stock worth $178,000 after acquiring an additional 655 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in shares of RBC Bearings during the 2nd quarter worth about $68,000. Finally, Torray Investment Partners LLC increased its holdings in shares of RBC Bearings by 10.9% during the 2nd quarter. Torray Investment Partners LLC now owns 8,404 shares of the industrial products company’s stock worth $2,267,000 after purchasing an additional 825 shares during the period.

Insiders Place Their Bets

In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total transaction of $145,367.00. Following the sale, the chief executive officer now directly owns 322,588 shares of the company’s stock, valued at $93,227,932. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Michael J. Hartnett sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $284.23, for a total transaction of $852,690.00. Following the transaction, the chief executive officer now directly owns 294,120 shares in the company, valued at $83,597,727.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 503 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total transaction of $145,367.00. Following the transaction, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,327 shares of company stock valued at $11,900,641. 2.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

RBC Bearings Stock Performance

NYSE RBC opened at $295.45 on Monday. The stock has a market cap of $8.64 billion, a P/E ratio of 46.16, a PEG ratio of 3.49 and a beta of 1.51. The company’s 50-day simple moving average is $288.21 and its 200 day simple moving average is $276.11. RBC Bearings Incorporated has a twelve month low of $214.14 and a twelve month high of $309.01. 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 (NYSE:RBC) last issued its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.33. The firm had revenue of $406.30 million for the quarter, compared to analysts’ expectations of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.98 earnings per share. As a group, research analysts forecast that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

About RBC Bearings

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.