Allspring Global Investments Holdings LLC Sells 12,536 Shares of RBC Bearings Incorporated (NYSE:RBC)

Allspring Global Investments Holdings LLC reduced its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 300,026 shares of the industrial products company's stock after selling 12,536 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.03% of RBC Bearings worth $85,474,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. First Capital Advisors Group LLC. acquired a new stake in shares of RBC Bearings in the 2nd quarter valued at about $26,000. LWM Advisory Services LLC bought a new stake in shares of RBC Bearings during the third quarter valued at approximately $31,000. Compass Wealth Management LLC acquired a new position in shares of RBC Bearings during the first quarter worth approximately $34,000. Stephens Inc. AR bought a new position in shares of RBC Bearings in the 1st quarter worth $36,000. Finally, First Manhattan CO. LLC. acquired a new stake in RBC Bearings in the 1st quarter valued at $40,000.

Insider Buying and Selling

In other news, COO Daniel A. Bergeron sold 15,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total transaction of $4,008,300.00. Following the completion of the transaction, the chief operating officer now directly owns 121,935 shares of the company's stock, valued at approximately $32,583,470.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.90% of the stock is owned by insiders.

RBC Bearings Stock Performance

Shares of RBC Bearings stock traded down $3.90 during mid-day trading on Wednesday, hitting $263.25. 78,182 shares of the stock were exchanged, compared to its average volume of 116,710. The company has a market capitalization of $7.42 billion, a P/E ratio of 44.02, a P/E/G ratio of 5.14 and a beta of 1.45. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.12 and a current ratio of 3.28. The company has a 50-day simple moving average of $268.00 and a 200 day simple moving average of $257.58. RBC Bearings Incorporated has a 12 month low of $195.18 and a 12 month high of $288.16.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings results on Thursday, February 8th. The industrial products company reported $1.75 EPS for the quarter, missing analysts' consensus estimates of $1.83 by ($0.08). The business had revenue of $373.91 million for the quarter, compared to the consensus estimate of $376.61 million. RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. Sell-side analysts anticipate that RBC Bearings Incorporated will post 8.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RBC has been the topic of several research reports. Citigroup upped their price objective on shares of RBC Bearings from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Monday, February 12th. The Goldman Sachs Group raised their price target on shares of RBC Bearings from $229.00 to $256.00 and gave the company a "buy" rating in a research report on Thursday, December 14th. Finally, Truist Financial boosted their price objective on RBC Bearings from $271.00 to $309.00 and gave the stock a "buy" rating in a report on Wednesday, January 10th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $275.86.

RBC Bearings Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.