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

Allspring Global Investments Holdings LLC decreased its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 10.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 148,359 shares of the industrial products company's stock after selling 17,483 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.47% of RBC Bearings worth $81,893,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of RBC. Norges Bank purchased a new stake in RBC Bearings in the fourth quarter valued at approximately $175,909,000. Northwestern Mutual Wealth Management Co. raised its position in RBC Bearings by 39,846.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company's stock valued at $83,295,000 after purchasing an additional 185,284 shares during the last quarter. Cartenna Capital LP purchased a new stake in shares of RBC Bearings in the fourth quarter valued at about $76,233,000. Invesco Ltd. grew its stake in shares of RBC Bearings by 60.5% during the 3rd quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company's stock worth $148,763,000 after purchasing an additional 143,710 shares during the period. Finally, AQR Capital Management LLC increased its holdings in RBC Bearings by 2,055.5% during the 4th quarter. AQR Capital Management LLC now owns 144,741 shares of the industrial products company's stock valued at $64,906,000 after acquiring an additional 138,026 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RBC. Morgan Stanley increased their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a research report on Tuesday, May 19th. Weiss Ratings upgraded shares of RBC Bearings from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday. Zacks Research lowered RBC Bearings from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Truist Financial restated a "buy" rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Finally, Wall Street Zen lowered shares of RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, RBC Bearings currently has an average rating of "Moderate Buy" and a consensus price target of $584.00.

Insiders Place Their Bets

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the business's stock in a transaction on 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 owned 2,378 shares of the company's stock, valued at $1,564,581.32. The trade was a 8.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Edward Stewart sold 600 shares of the firm's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the sale, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,425 shares of company stock valued at $885,400. Insiders own 1.90% of the company's stock.

RBC Bearings Stock Performance

RBC opened at $576.43 on Friday. The company has a market capitalization of $18.24 billion, a PE ratio of 63.41, a price-to-earnings-growth ratio of 3.33 and a beta of 1.40. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78. The business has a fifty day simple moving average of $599.15 and a 200 day simple moving average of $562.62.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.31. The company had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The company's revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.83 earnings per share. Research analysts expect that RBC Bearings Incorporated will post 13.59 EPS for the current year.

About RBC Bearings

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.

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