Amalgamated Bank Raises Stake in RBC Bearings Incorporated (NYSE:RBC)

Amalgamated Bank increased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 7.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,731 shares of the industrial products company’s stock after purchasing an additional 1,038 shares during the quarter. Amalgamated Bank’s holdings in RBC Bearings were worth $4,407,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Jane Street Group LLC increased its position in shares of RBC Bearings by 18.5% in the third quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company’s stock worth $4,951,000 after acquiring an additional 2,584 shares in the last quarter. Segall Bryant & Hamill LLC boosted its position in RBC Bearings by 41.6% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company’s stock worth $8,896,000 after purchasing an additional 8,725 shares during the period. TimesSquare Capital Management LLC increased its holdings in RBC Bearings by 17.3% in the 3rd quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock valued at $27,125,000 after purchasing an additional 13,395 shares in the last quarter. Holocene Advisors LP raised its position in RBC Bearings by 69.4% in the third quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company’s stock valued at $3,711,000 after purchasing an additional 5,078 shares during the period. Finally, State Street Corp lifted its stake in shares of RBC Bearings by 2.4% during the third quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after purchasing an additional 19,962 shares in the last quarter.

Insider Transactions at RBC Bearings

In other news, CEO Michael J. Hartnett sold 2,500 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total transaction of $919,875.00. Following the sale, the chief executive officer now directly owns 320,088 shares in the company, valued at approximately $117,776,379.60. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the sale, the director now owns 6,728 shares in the company, valued at $2,441,523.92. The trade was a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,900 shares of company stock valued at $3,963,031. Insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RBC shares. Morgan Stanley increased 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. KeyCorp increased their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their target price for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, Truist Financial lifted their price target on shares of RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $361.20.

RBC Bearings Stock Performance

RBC Bearings stock opened at $359.08 on Friday. The stock has a 50 day moving average of $330.00 and a 200-day moving average of $312.02. The stock has a market cap of $11.28 billion, a P/E ratio of 49.32, a price-to-earnings-growth ratio of 4.42 and a beta of 1.58. RBC Bearings Incorporated has a 52 week low of $241.43 and a 52 week high of $372.83. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34.

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.