Principal Financial Group Inc. Lowers Stock Holdings in RBC Bearings Incorporated $RBC

Key Points

• Principal Financial Group Inc. cut its RBC Bearings stake by 7.3% in the fourth quarter, selling 8,132 shares and ending with 103,311 shares worth about $46.3 million.
• Wall Street sentiment remains generally positive: analysts have a consensus Buy rating on RBC Bearings, with a consensus target price of $574.67.
• RBC Bearings recently reported strong quarterly results, posting $3.04 EPS versus the $2.83 estimate and 17% year-over-year revenue growth, while the stock traded near $606.44 after touching a 52-week high of $632.

Principal Financial Group Inc. lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 103,311 shares of the industrial products company's stock after selling 8,132 shares during the quarter. Principal Financial Group Inc. owned about 0.33% of RBC Bearings worth $46,328,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in RBC Bearings in the fourth quarter valued at about $35,000. Advisors Asset Management Inc. acquired a new stake in shares of RBC Bearings during the 1st quarter valued at approximately $26,000. Larson Financial Group LLC lifted its position in shares of RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 49 shares during the period. Root Financial Partners LLC acquired a new stake in shares of RBC Bearings during the 3rd quarter valued at approximately $36,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company's stock valued at $37,000 after acquiring an additional 53 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RBC shares. Zacks Research upgraded shares of RBC Bearings from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 11th. Wall Street Zen downgraded RBC Bearings from a "buy" rating to a "hold" rating in a research report on Sunday, April 12th. Morgan Stanley restated an "overweight" rating and set a $600.00 price objective on shares of RBC Bearings in a research report on Friday, February 6th. KeyCorp lifted their price objective on RBC Bearings from $595.00 to $680.00 and gave the stock an "overweight" rating in a research report on Monday, March 2nd. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $542.00 price objective on shares of RBC Bearings in a research report on Monday, February 9th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $574.67.

RBC Bearings Trading Down 0.8%

Shares of RBC Bearings stock opened at $606.44 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 0.67. RBC Bearings Incorporated has a 1 year low of $346.25 and a 1 year high of $632.00. The company has a market capitalization of $19.18 billion, a P/E ratio of 71.35, a P/E/G ratio of 2.92 and a beta of 1.47. The business has a 50 day moving average price of $569.85 and a 200 day moving average price of $504.53.

RBC Bearings (NYSE:RBC - Get Free Report) last released its earnings results on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, topping the consensus estimate of $2.83 by $0.21. The firm had revenue of $461.60 million during the quarter, compared to analysts' expectations of $460.69 million. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. RBC Bearings's revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.34 EPS. Sell-side analysts anticipate that RBC Bearings Incorporated will post 11.43 EPS for the current fiscal year.

RBC Bearings Profile

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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