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

Principal Financial Group Inc. grew its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 12.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 about 0.33% of RBC Bearings worth $33,375,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in RBC. Vanguard Group Inc. raised its stake in RBC Bearings by 8.5% during the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock worth $879,149,000 after buying an additional 229,466 shares during the period. Durable Capital Partners LP raised its stake in RBC Bearings by 1.9% during the 4th quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company's stock worth $787,141,000 after buying an additional 48,287 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in RBC Bearings by 0.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company's stock worth $328,253,000 after buying an additional 2,884 shares during the period. Ameriprise Financial Inc. raised its stake in RBC Bearings by 32.6% during the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock worth $159,998,000 after buying an additional 131,614 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of RBC Bearings by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company's stock valued at $151,944,000 after purchasing an additional 25,268 shares during the period.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

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

RBC Bearings Stock Performance

Shares of NYSE RBC traded down $0.94 during trading hours on Friday, reaching $377.97. 145,803 shares of the stock were exchanged, compared to its average volume of 160,723. The firm has a market capitalization of $11.87 billion, a price-to-earnings ratio of 49.28, a P/E/G ratio of 3.87 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. RBC Bearings Incorporated has a 52 week low of $260.53 and a 52 week high of $393.51. The stock's fifty day simple moving average is $371.71 and its 200 day simple moving average is $345.10.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, topping analysts' consensus estimates of $2.70 by $0.13. The company had revenue of $437.70 million for the quarter, compared to analyst estimates of $440.26 million. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The firm's quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.47 earnings per share. Sell-side analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

About RBC Bearings

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.