Principal Financial Group Inc. Has $33.38 Million Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Principal Financial Group Inc. boosted its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 12.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 103,722 shares of the industrial products company's stock after acquiring an additional 11,073 shares during the period. Principal Financial Group Inc. owned about 0.33% of RBC Bearings worth $33,375,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on RBC. Truist Financial boosted their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. The Goldman Sachs Group upped their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research report on Tuesday. Finally, Morgan Stanley restated an "overweight" rating and issued a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $398.40.

Insider Buying and Selling at RBC Bearings

In related news, Director Michael H. Ambrose sold 595 shares of the firm's stock in a transaction that occurred on 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 directly owned 6,985 shares in the company, valued at approximately $2,565,730.20. This trade represents a 7.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael J. Hartnett sold 9,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was 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 $112,470,518.61. The trade was a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,973 shares of company stock valued at $29,186,872. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings Price Performance

Shares of RBC Bearings stock traded up $0.65 on Thursday, hitting $380.47. The company had a trading volume of 86,863 shares, compared to its average volume of 160,476. The business has a 50-day simple moving average of $370.15 and a 200-day simple moving average of $344.08. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18. The company has a market cap of $11.95 billion, a PE ratio of 49.61, a PEG ratio of 3.89 and a beta of 1.65. RBC Bearings Incorporated has a 52 week low of $260.53 and a 52 week high of $393.51.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.13. The business 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%. The business's revenue was up 5.8% on a year-over-year basis. During the same period last year, the firm posted $2.47 earnings per share. Research analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

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.