RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 7.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,663 shares of the industrial products company’s stock after selling 1,141 shares during the quarter. Amalgamated Bank owned approximately 0.05% of RBC Bearings worth $3,956,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of RBC Bearings by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock worth $738,433,000 after acquiring an additional 19,574 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of RBC Bearings by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock worth $566,549,000 after acquiring an additional 20,491 shares during the last quarter. Wasatch Advisors LP grew its position in shares of RBC Bearings by 1.6% during the first quarter. Wasatch Advisors LP now owns 1,787,938 shares of the industrial products company’s stock worth $483,369,000 after acquiring an additional 28,749 shares during the last quarter. Conestoga Capital Advisors LLC grew its position in shares of RBC Bearings by 3.5% during the second quarter. Conestoga Capital Advisors LLC now owns 728,467 shares of the industrial products company’s stock worth $196,526,000 after acquiring an additional 24,470 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of RBC Bearings by 22.7% during the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock worth $93,626,000 after acquiring an additional 64,217 shares during the last quarter.

RBC Bearings Trading Down 1.4 %

NYSE:RBC opened at $295.45 on Monday. The company has a market capitalization of $8.64 billion, a PE ratio of 46.16, a price-to-earnings-growth ratio of 3.49 and a beta of 1.51. 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 52-week low of $214.14 and a 52-week high of $309.01. The stock has a fifty day simple moving average of $288.21 and a 200-day simple moving average of $276.11.

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

Insider Activity at RBC Bearings

In other news, Director Edward Stewart sold 3,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the transaction, the director now owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Michael J. Hartnett sold 11,341 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the completion of the transaction, the chief executive officer now owns 320,053 shares of the company’s stock, valued at approximately $92,021,638.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Edward Stewart sold 3,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the transaction, the director now directly owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,327 shares of company stock valued at $11,900,641. 2.90% of the stock is owned by insiders.

Analyst Ratings Changes

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

RBC Bearings 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.