Allspring Global Investments Holdings LLC Has $77.70 Million Position in RBC Bearings Incorporated (NYSE:RBC)

Allspring Global Investments Holdings LLC reduced its holdings in RBC Bearings Incorporated (NYSE:RBC) by 4.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 287,401 shares of the industrial products company’s stock after selling 12,625 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.02% of RBC Bearings worth $77,699,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. 1832 Asset Management L.P. acquired a new position in RBC Bearings in the fourth quarter valued at approximately $27,000. Principal Securities Inc. acquired a new stake in RBC Bearings in the fourth quarter worth $30,000. GAMMA Investing LLC acquired a new stake in RBC Bearings in the fourth quarter worth $66,000. Mather Group LLC. acquired a new stake in RBC Bearings in the first quarter worth $133,000. Finally, Fifth Third Bancorp raised its holdings in RBC Bearings by 13.2% in the fourth quarter. Fifth Third Bancorp now owns 479 shares of the industrial products company’s stock worth $136,000 after purchasing an additional 56 shares during the period.

RBC Bearings Stock Performance

Shares of RBC traded down $0.26 during midday trading on Tuesday, reaching $267.72. The stock had a trading volume of 3,795 shares, compared to its average volume of 141,239. The firm has a 50 day simple moving average of $272.87 and a 200-day simple moving average of $270.47. RBC Bearings Incorporated has a one year low of $203.65 and a one year high of $299.24. The firm has a market cap of $7.74 billion, a PE ratio of 41.83, a P/E/G ratio of 3.30 and a beta of 1.51. The company has a current ratio of 3.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.43.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, May 17th. The industrial products company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.25 by $0.22. The company had revenue of $413.70 million during the quarter, compared to the consensus estimate of $414.21 million. RBC Bearings had a net margin of 13.45% and a return on equity of 9.81%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.06 EPS. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 8.93 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on RBC. Truist Financial increased their target price on shares of RBC Bearings from $309.00 to $328.00 and gave the stock a “buy” rating in a report on Tuesday, May 21st. Morgan Stanley raised their price objective on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. William Blair started coverage on shares of RBC Bearings in a report on Wednesday, May 29th. They set an “outperform” rating on the stock. Raymond James began coverage on shares of RBC Bearings in a report on Friday. They set a “market perform” rating on the stock. Finally, The Goldman Sachs Group raised their target price on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $286.57.

Insider Transactions at RBC Bearings

In other news, Director Michael H. Ambrose sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total transaction of $167,496.00. Following the completion of the sale, the director now owns 6,728 shares in the company, valued at approximately $1,878,188.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.90% of the stock is currently owned by corporate insiders.

RBC Bearings 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.