Allspring Global Investments Holdings LLC Cuts Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Allspring Global Investments Holdings LLC trimmed its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 3.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 213,746 shares of the industrial products company's stock after selling 8,684 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.68% of RBC Bearings worth $71,162,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. NBC Securities Inc. bought a new position in RBC Bearings during the 1st quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. increased its position in RBC Bearings by 109.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock worth $36,000 after acquiring an additional 59 shares during the period. Golden State Wealth Management LLC increased its position in RBC Bearings by 107.1% during the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock worth $85,000 after acquiring an additional 136 shares during the period. UMB Bank n.a. raised its stake in RBC Bearings by 80.8% in the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock worth $100,000 after purchasing an additional 139 shares in the last quarter. Finally, Quarry LP increased its stake in RBC Bearings by 30.9% during the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after acquiring an additional 92 shares during the period.

Insider Transactions at RBC Bearings

In other news, COO Daniel A. Bergeron sold 31,282 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $380.28, for a total transaction of $11,895,918.96. Following the completion of the sale, the chief operating officer directly owned 111,134 shares of the company's stock, valued at $42,262,037.52. The trade was a 21.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael H. Ambrose sold 595 shares of RBC Bearings stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total value of $218,555.40. Following the transaction, the director owned 6,985 shares of the company's stock, valued at $2,565,730.20. This trade represents a 7.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,973 shares of company stock valued at $29,186,872 in the last 90 days. Corporate insiders own 2.60% of the company's stock.

RBC Bearings Trading Up 0.3%

Shares of NYSE:RBC traded up $1.11 during mid-day trading on Tuesday, hitting $385.91. The company had a trading volume of 126,465 shares, compared to its average volume of 160,503. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18. RBC Bearings Incorporated has a one year low of $260.53 and a one year high of $393.51. The firm has a fifty day moving average price of $362.02 and a 200 day moving average price of $341.09. The company has a market capitalization of $12.12 billion, a PE ratio of 50.31, a price-to-earnings-growth ratio of 3.89 and a beta of 1.66.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.13. The firm had revenue of $437.70 million during the quarter, compared to the consensus estimate of $440.26 million. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The business's revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.47 earnings per share. As a group, research analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RBC shares. Truist Financial boosted their target price on RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Morgan Stanley restated an "overweight" rating and set a $415.00 price target (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $394.00.

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.