RBC Bearings Incorporated (NYSE:RBC) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 12.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 103,722 shares of the industrial products company's stock after purchasing an additional 11,073 shares during the quarter. Principal Financial Group Inc. owned approximately 0.33% of RBC Bearings worth $33,375,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of RBC. Teacher Retirement System of Texas acquired a new position in shares of RBC Bearings in the first quarter valued at about $5,534,000. First Horizon Advisors Inc. increased its stake in shares of RBC Bearings by 47.9% in the 1st quarter. First Horizon Advisors Inc. now owns 843 shares of the industrial products company's stock valued at $271,000 after purchasing an additional 273 shares in the last quarter. First Bank & Trust raised its stake in shares of RBC Bearings by 2.1% during the 1st quarter. First Bank & Trust now owns 2,165 shares of the industrial products company's stock worth $697,000 after buying an additional 44 shares during the period. New York State Teachers Retirement System increased its stake in shares of RBC Bearings by 21.3% during the first quarter. New York State Teachers Retirement System now owns 5,700 shares of the industrial products company's stock worth $1,834,000 after purchasing an additional 1,000 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of RBC Bearings by 6.9% during the first quarter. KBC Group NV now owns 1,201 shares of the industrial products company's stock valued at $386,000 after acquiring an additional 77 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts have issued reports on RBC shares. Truist Financial lifted their target price 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. Morgan Stanley reissued an "overweight" rating and issued a $415.00 price target (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Finally, The Goldman Sachs Group upped their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, RBC Bearings has a consensus rating of "Moderate Buy" and a consensus target price of $398.40.

RBC Bearings Trading Down 0.4%

Shares of NYSE RBC traded down $1.57 during trading on Wednesday, hitting $380.03. 177,059 shares of the company were exchanged, compared to its average volume of 160,765. The company has a fifty day moving average price of $369.12 and a 200-day moving average price of $343.83. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. The firm has a market capitalization of $11.94 billion, a PE ratio of 49.55, a P/E/G ratio of 3.89 and a beta of 1.65. RBC Bearings Incorporated has a 12-month low of $260.53 and a 12-month high of $393.51.

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

Insiders Place Their Bets

In related news, Director Michael H. Ambrose sold 595 shares of the business's 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 sale, the director directly owned 6,985 shares in the company, valued at approximately $2,565,730.20. The trade was a 7.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Hartnett sold 9,000 shares of RBC Bearings stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $371.37, for a total transaction of $3,342,330.00. Following the sale, the chief executive officer owned 302,853 shares of the company's stock, valued at approximately $112,470,518.61. This represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,973 shares of company stock worth $29,186,872 over the last ninety days. Company insiders own 2.60% of the company's stock.

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.