Amalgamated Bank Has $4.10 Million Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Amalgamated Bank trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 6.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,693 shares of the industrial products company’s stock after selling 970 shares during the period. Amalgamated Bank’s holdings in RBC Bearings were worth $4,099,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Angeles Wealth Management LLC bought a new position in shares of RBC Bearings in the 3rd quarter valued at about $363,000. Conestoga Capital Advisors LLC lifted its stake in RBC Bearings by 1.7% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock valued at $221,793,000 after purchasing an additional 12,375 shares during the last quarter. US Bancorp DE grew its holdings in RBC Bearings by 17.4% during the third quarter. US Bancorp DE now owns 6,854 shares of the industrial products company’s stock worth $2,052,000 after purchasing an additional 1,016 shares during the period. State of Alaska Department of Revenue increased its position in RBC Bearings by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 3,370 shares of the industrial products company’s stock worth $1,008,000 after buying an additional 225 shares during the last quarter. Finally, Argent Capital Management LLC raised its stake in RBC Bearings by 13.2% in the third quarter. Argent Capital Management LLC now owns 3,398 shares of the industrial products company’s stock valued at $1,017,000 after buying an additional 397 shares during the period.

Insider Buying and Selling

In related news, CEO Michael J. Hartnett sold 19,283 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $289.42, for a total value of $5,580,885.86. Following the sale, the chief executive officer now directly owns 317,814 shares of the company’s stock, valued at $91,981,727.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Michael J. Hartnett sold 3,000 shares of RBC Bearings stock in a transaction 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 owns 294,120 shares in the company, valued at approximately $83,597,727.60. The trade was a 0.00 % decrease in their ownership of the stock. 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 19,283 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the sale, the chief executive officer now directly owns 317,814 shares of the company’s stock, valued at $91,981,727.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,327 shares of company stock valued at $11,068,921 over the last quarter. 2.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Truist Financial reduced their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $287.67.

RBC Bearings Price Performance

RBC Bearings stock opened at $320.10 on Friday. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $10.05 billion, a price-to-earnings ratio of 46.73, a PEG ratio of 3.62 and a beta of 1.51. The stock’s 50 day moving average is $290.90 and its 200-day moving average is $283.20. RBC Bearings Incorporated has a 12 month low of $216.79 and a 12 month high of $322.11.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The business had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. During the same period in the prior year, the firm earned $2.07 EPS. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities research analysts expect that RBC Bearings Incorporated will post 8.95 EPS for the current year.

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.