Allspring Global Investments Holdings LLC Decreases Position in RBC Bearings Incorporated $RBC

Allspring Global Investments Holdings LLC decreased its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 10.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 148,359 shares of the industrial products company’s stock after selling 17,483 shares during the period. Allspring Global Investments Holdings LLC’s holdings in RBC Bearings were worth $81,893,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in RBC Bearings by 0.5% during the third quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock worth $358,778,000 after buying an additional 4,568 shares during the period. Geode Capital Management LLC increased its holdings in shares of RBC Bearings by 8.5% in the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock valued at $277,776,000 after acquiring an additional 48,419 shares during the period. Maren Capital LLC increased its holdings in shares of RBC Bearings by 1.4% in the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock valued at $201,934,000 after acquiring an additional 6,373 shares during the period. Invesco Ltd. raised its position in shares of RBC Bearings by 6.2% in the 4th quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after acquiring an additional 23,616 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of RBC Bearings during the 4th quarter worth $175,909,000.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $576.43 on Friday. RBC Bearings Incorporated has a one year low of $364.50 and a one year high of $667.69. The business has a 50-day simple moving average of $599.15 and a 200-day simple moving average of $562.62. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The company has a market cap of $18.24 billion, a PE ratio of 63.41, a P/E/G ratio of 3.33 and a beta of 1.40.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.31 by $0.31. The firm had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.83 EPS. On average, equities research analysts forecast that RBC Bearings Incorporated will post 13.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RBC shares. Morgan Stanley lifted their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Truist Financial reissued a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Finally, Weiss Ratings upgraded RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and an average target price of $584.00.

Insider Transactions at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the sale, the director directly owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP John J. Feeney sold 225 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the sale, the vice president directly owned 2,378 shares of the company’s stock, valued at $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,425 shares of company stock valued at $885,400 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.

RBC Bearings Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.