By otakuyassine3@gmail.com 
Federated Hermes Inc. lifted its holdings in shares of RBC Bearings Incorporated (NYSE:RBC – Free Report) by 3.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,079 shares of the industrial products company’s stock after purchasing an additional 102 shares during the period. Federated Hermes Inc.’s holdings in RBC Bearings were worth $921,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Jane Street Group LLC grew its holdings in RBC Bearings by 18.5% during the 3rd quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company’s stock valued at $4,951,000 after buying an additional 2,584 shares during the last quarter. Bank of New York Mellon Corp increased its position in RBC Bearings by 0.6% during the 4th quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company’s stock worth $59,581,000 after purchasing an additional 1,103 shares in the last quarter. Geode Capital Management LLC raised its stake in RBC Bearings by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock valued at $144,490,000 after purchasing an additional 5,040 shares during the last quarter. GAMMA Investing LLC lifted its holdings in RBC Bearings by 17.5% in the 4th quarter. GAMMA Investing LLC now owns 517 shares of the industrial products company’s stock valued at $155,000 after purchasing an additional 77 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of RBC Bearings by 39.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock worth $66,247,000 after buying an additional 62,706 shares in the last quarter.
RBC Bearings Stock Down 0.7 %
Shares of RBC opened at $332.60 on Wednesday. The firm has a market cap of $10.45 billion, a PE ratio of 45.69, a price-to-earnings-growth ratio of 4.42 and a beta of 1.60. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The company’s fifty day moving average is $342.42 and its two-hundred day moving average is $321.94. RBC Bearings Incorporated has a fifty-two week low of $241.43 and a fifty-two week high of $372.83.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on RBC. Truist Financial raised their target price on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. KeyCorp raised their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, Morgan Stanley upped their target price on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $361.20.
Check Out Our Latest Stock Analysis on RBC
Insider Buying and Selling at RBC Bearings
In related news, CFO Robert M. Sullivan sold 8,000 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $362.25, for a total value of $2,898,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,382 shares in the company, valued at approximately $4,123,129.50. This represents a 41.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total value of $919,875.00. Following the transaction, the chief executive officer now directly owns 320,088 shares in the company, valued at $117,776,379.60. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,900 shares of company stock valued at $3,963,031. Company insiders own 2.60% of the company’s stock.
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.
Further Reading
Want to see what other hedge funds are holding RBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RBC Bearings Incorporated (NYSE:RBC – Free Report).
Receive News & Ratings for RBC Bearings Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for RBC Bearings and related companies with MarketBeat.com’s FREE daily email newsletter.