Principal Financial Group Inc. Trims Stake in RBC Bearings Incorporated (NYSE:RBC)

Principal Financial Group Inc. decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 9.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 87,795 shares of the industrial products company’s stock after selling 8,861 shares during the quarter. Principal Financial Group Inc. owned approximately 0.30% of RBC Bearings worth $26,284,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in RBC. Legacy Advisors LLC increased its position in RBC Bearings by 1.4% during the 2nd quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock valued at $1,223,000 after purchasing an additional 61 shares during the period. UMB Bank n.a. increased its holdings in RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares during the period. GAMMA Investing LLC lifted its holdings in RBC Bearings by 23.2% during the third quarter. GAMMA Investing LLC now owns 440 shares of the industrial products company’s stock worth $132,000 after buying an additional 83 shares during the period. RiverPark Advisors LLC lifted its holdings in RBC Bearings by 9.6% during the second quarter. RiverPark Advisors LLC now owns 993 shares of the industrial products company’s stock worth $268,000 after buying an additional 87 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its position in RBC Bearings by 80.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 290 shares of the industrial products company’s stock valued at $78,000 after acquiring an additional 129 shares in the last quarter.

RBC Bearings Stock Down 1.5 %

RBC stock opened at $315.27 on Wednesday. The stock has a market capitalization of $9.90 billion, a PE ratio of 46.02, a price-to-earnings-growth ratio of 3.66 and a beta of 1.51. RBC Bearings Incorporated has a 52 week low of $226.71 and a 52 week high of $328.39. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The firm has a 50 day moving average of $291.87 and a 200 day moving average of $284.76.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The company had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. RBC Bearings’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the firm earned $2.07 earnings per share. Sell-side analysts forecast that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Truist Financial dropped their price objective on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $287.67.

Insider Transactions at RBC Bearings

In related news, CEO Michael J. Hartnett sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $284.23, for a total value of $852,690.00. Following the sale, the chief executive officer now owns 294,120 shares in the company, valued at $83,597,727.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other RBC Bearings news, CEO Michael J. Hartnett sold 3,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $284.23, for a total value of $852,690.00. Following the sale, the chief executive officer now directly owns 294,120 shares of the company’s stock, valued at approximately $83,597,727.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Hartnett sold 11,341 shares of RBC Bearings stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $287.52, for a total value of $3,260,764.32. Following the transaction, the chief executive officer now owns 320,053 shares of the company’s stock, valued at $92,021,638.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,327 shares of company stock worth $11,068,921 over the last three months. 2.60% of the stock is currently owned by 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.