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

Allspring Global Investments Holdings LLC reduced its position in 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 approximately 0.68% of RBC Bearings worth $71,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also bought and sold shares of the business. Torray Investment Partners LLC raised its stake in RBC Bearings by 0.3% during the 4th quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company's stock valued at $2,533,000 after purchasing an additional 28 shares during the period. Townsquare Capital LLC increased its holdings in shares of RBC Bearings by 0.6% in the fourth quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company's stock worth $1,694,000 after purchasing an additional 36 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in RBC Bearings by 6.4% during the fourth quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company's stock valued at $213,000 after buying an additional 43 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its stake in RBC Bearings by 6.6% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 762 shares of the industrial products company's stock worth $228,000 after acquiring an additional 47 shares during the last quarter. Finally, Norden Group LLC raised its position in shares of RBC Bearings by 6.7% during the 4th quarter. Norden Group LLC now owns 780 shares of the industrial products company's stock valued at $233,000 after buying an additional 49 shares in the last quarter.

RBC Bearings Stock Up 0.4%

Shares of RBC traded up $1.41 during trading hours on Wednesday, hitting $382.84. The company had a trading volume of 143,729 shares, compared to its average volume of 160,774. The company has a market capitalization of $12.03 billion, a PE ratio of 49.91, a price-to-earnings-growth ratio of 3.93 and a beta of 1.65. The company's fifty day moving average price is $363.28 and its two-hundred day moving average price is $341.38. RBC Bearings Incorporated has a one year low of $260.53 and a one year high of $393.51. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30.

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

Analysts Set New Price Targets

A number of analysts recently issued reports on RBC shares. Morgan Stanley restated an "overweight" rating and issued a $415.00 price target (up from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Truist Financial raised their price target on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, RBC Bearings presently has a consensus rating of "Moderate Buy" and an average price target of $394.00.

Insider Buying and Selling at RBC Bearings

In related news, Director Michael H. Ambrose sold 595 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total transaction of $218,555.40. Following the completion of the sale, the director owned 6,985 shares of the company's stock, valued at approximately $2,565,730.20. This represents a 7.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 9,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $371.37, for a total value of $3,342,330.00. Following the completion of the sale, the chief executive officer owned 302,853 shares of the company's stock, valued at $112,470,518.61. This trade represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,973 shares of company stock valued at $29,186,872. 2.60% of the stock is currently owned by insiders.

RBC Bearings Company 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.