RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 9.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 87,795 shares of the industrial products company's stock after selling 8,861 shares during the quarter. Principal Financial Group Inc. owned about 0.28% of RBC Bearings worth $26,284,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RBC. Jennison Associates LLC grew its holdings in shares of RBC Bearings by 170.2% in the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company's stock valued at $35,399,000 after purchasing an additional 74,474 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of RBC Bearings in the 3rd quarter valued at approximately $20,657,000. Dimensional Fund Advisors LP increased its holdings in shares of RBC Bearings by 22.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company's stock worth $93,626,000 after buying an additional 64,217 shares during the last quarter. American Century Companies Inc. raised its position in shares of RBC Bearings by 30.4% during the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company's stock valued at $55,745,000 after buying an additional 48,209 shares during the period. Finally, Douglas Lane & Associates LLC lifted its holdings in RBC Bearings by 54.0% in the third quarter. Douglas Lane & Associates LLC now owns 126,073 shares of the industrial products company's stock valued at $37,744,000 after acquiring an additional 44,211 shares during the last quarter.

RBC Bearings Stock Up 0.0 %

Shares of RBC traded up $0.01 during mid-day trading on Wednesday, hitting $304.63. 85,998 shares of the company's stock were exchanged, compared to its average volume of 148,904. The stock's 50-day moving average is $314.02 and its 200-day moving average is $295.45. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. RBC Bearings Incorporated has a fifty-two week low of $240.36 and a fifty-two week high of $346.77. The company has a market cap of $9.57 billion, a price-to-earnings ratio of 44.47, a P/E/G ratio of 4.50 and a beta of 1.55.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The business had revenue of $397.90 million during the quarter, compared to analysts' expectations of $403.89 million. During the same period in the prior year, the business earned $2.07 EPS. The business's quarterly revenue was up 3.2% on a year-over-year basis. On average, sell-side analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Truist Financial raised their target price on RBC Bearings from $315.00 to $347.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. KeyCorp raised RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 price objective for the company in a research report on Friday, November 22nd. Bank of America lowered shares of RBC Bearings from a "buy" rating to a "neutral" rating and increased their target price for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, William Blair reissued an "outperform" rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, RBC Bearings currently has an average rating of "Moderate Buy" and an average target price of $324.67.

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.