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

Principal Financial Group Inc. cut its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 9.2% during the 3rd quarter, according to the company in 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 period. Principal Financial Group Inc. owned about 0.30% of RBC Bearings worth $26,284,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. boosted its position in RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock worth $28,000 after buying an additional 75 shares during the period. DT Investment Partners LLC acquired a new stake in RBC Bearings during the 2nd quarter worth approximately $35,000. Opal Wealth Advisors LLC acquired a new stake in RBC Bearings during the 2nd quarter worth approximately $41,000. Canada Pension Plan Investment Board bought a new position in RBC Bearings during the 2nd quarter worth approximately $54,000. Finally, Blue Trust Inc. raised its holdings in RBC Bearings by 541.9% during the 3rd quarter. Blue Trust Inc. now owns 276 shares of the industrial products company's stock worth $83,000 after purchasing an additional 233 shares during the last quarter.

RBC Bearings Price Performance

RBC traded up $0.23 during midday trading on Wednesday, hitting $315.60. The stock had a trading volume of 56,267 shares, compared to its average volume of 142,991. The company has a market cap of $9.91 billion, a P/E ratio of 46.28, a price-to-earnings-growth ratio of 3.61 and a beta of 1.51. RBC Bearings Incorporated has a 1 year low of $236.00 and a 1 year high of $328.39. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. The business has a fifty day moving average of $291.87 and a 200 day moving average of $284.76.

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

Insider Activity 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 transaction of $852,690.00. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the sale, the chief executive officer now owns 322,588 shares of the company's stock, valued at $93,227,932. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 3,000 shares of RBC Bearings 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 completion of the sale, the chief executive officer now directly owns 294,120 shares in the company, valued at approximately $83,597,727.60. 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 quarter. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Truist Financial lowered their price target on shares of RBC Bearings from $328.00 to $315.00 and set a "buy" rating for the company in a report on Wednesday, July 17th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $287.67.

RBC Bearings Company 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.