Principal Financial Group Inc. Reduces Position in RBC Bearings Incorporated (NYSE:RBC)

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

Several other institutional investors have also added to or reduced their stakes in RBC. Marco Investment Management LLC raised its holdings in shares of RBC Bearings by 6.6% in the third quarter. Marco Investment Management LLC now owns 810 shares of the industrial products company’s stock worth $242,000 after buying an additional 50 shares during the period. Raymond James Trust N.A. lifted its position in shares of RBC Bearings by 2.6% during the third quarter. Raymond James Trust N.A. now owns 2,116 shares of the industrial products company’s stock worth $633,000 after purchasing an additional 53 shares during the last quarter. SkyView Investment Advisors LLC lifted its position in shares of RBC Bearings by 1.6% during the third quarter. SkyView Investment Advisors LLC now owns 3,621 shares of the industrial products company’s stock worth $1,084,000 after purchasing an additional 58 shares during the last quarter. Legacy Advisors LLC boosted its stake in shares of RBC Bearings by 1.4% during the second 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. Finally, UMB Bank n.a. grew its holdings in shares of RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 75 shares during the last quarter.

RBC Bearings Stock Up 0.0 %

RBC Bearings stock opened at $304.63 on Wednesday. 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 market cap of $9.57 billion, a P/E ratio of 44.47, a P/E/G ratio of 4.50 and a beta of 1.55. The business has a fifty day moving average of $313.74 and a two-hundred day moving average of $295.38. RBC Bearings Incorporated has a twelve month low of $240.36 and a twelve month high of $346.77.

RBC Bearings (NYSE:RBC) last issued 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). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The company had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. During the same quarter last year, the company earned $2.07 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, analysts forecast that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RBC has been the subject of several research reports. Truist Financial boosted their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective on the stock in a report on Friday, November 22nd. Finally, Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and lifted their target price for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.67.

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.