RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 8.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 159,724 shares of the industrial products company's stock after selling 14,795 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.55% of RBC Bearings worth $47,818,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in RBC Bearings by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company's stock valued at $738,433,000 after buying an additional 19,574 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in RBC Bearings by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company's stock worth $566,549,000 after purchasing an additional 20,491 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its stake in RBC Bearings by 1.2% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company's stock valued at $523,769,000 after purchasing an additional 22,470 shares in the last quarter. Wasatch Advisors LP lifted its position in RBC Bearings by 1.6% during the first quarter. Wasatch Advisors LP now owns 1,787,938 shares of the industrial products company's stock valued at $483,369,000 after purchasing an additional 28,749 shares during the last quarter. Finally, Conestoga Capital Advisors LLC grew its stake in shares of RBC Bearings by 3.5% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 728,467 shares of the industrial products company's stock worth $196,526,000 after buying an additional 24,470 shares in the last quarter.

RBC Bearings Stock Up 0.9 %

Shares of RBC traded up $2.53 during midday trading on Wednesday, reaching $286.96. 108,449 shares of the stock were exchanged, compared to its average volume of 143,411. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. The company's 50 day moving average is $290.31 and its two-hundred day moving average is $279.98. The company has a market capitalization of $8.39 billion, a P/E ratio of 41.97, a PEG ratio of 3.29 and a beta of 1.51. RBC Bearings Incorporated has a 52 week low of $214.14 and a 52 week high of $309.01.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.21 by $0.33. The business had revenue of $406.30 million for the quarter, compared to the consensus estimate of $416.65 million. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The business's revenue was up 5.0% compared to the same quarter last year. During the same period last year, the business posted $1.98 EPS. On average, sell-side analysts anticipate that RBC Bearings Incorporated will post 8.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Raymond James initiated coverage on RBC Bearings in a research report on Friday, June 28th. They issued a "market perform" rating for the company. Truist Financial lowered their price target on RBC Bearings from $328.00 to $315.00 and set a "buy" rating for the company in a research report on Wednesday, July 17th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $287.67.

Insider Activity

In other news, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares in the company, valued at approximately $3,669,789.13. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Richard J. Edwards sold 4,200 shares of the company's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the transaction, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Hartnett sold 19,283 shares of RBC Bearings stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the completion of the sale, the chief executive officer now owns 317,814 shares of the company's stock, valued at $91,981,727.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,327 shares of company stock worth $11,900,641. Corporate insiders own 2.60% of the company's stock.

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.