Allspring Global Investments Holdings LLC Has $47.82 Million Holdings in RBC Bearings Incorporated (NYSE:RBC)

Allspring Global Investments Holdings LLC decreased its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 8.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 159,724 shares of the industrial products company's stock after selling 14,795 shares during the period. 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 institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in RBC Bearings by 0.7% in 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 purchasing an additional 19,574 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 valued at $566,549,000 after buying an additional 20,491 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of RBC Bearings by 1.2% in 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 buying an additional 22,470 shares during the period. Wasatch Advisors LP grew 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 worth $483,369,000 after buying an additional 28,749 shares in the last quarter. Finally, Conestoga Capital Advisors LLC increased its stake in RBC Bearings by 3.5% during the second quarter. Conestoga Capital Advisors LLC now owns 728,467 shares of the industrial products company's stock valued at $196,526,000 after acquiring an additional 24,470 shares during the period.

In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of the company's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the sale, the director now directly owns 20,461 shares of the company's stock, valued at approximately $5,672,607.64. 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 can be accessed through this link. In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the completion of the transaction, the director now owns 20,461 shares in the company, valued at approximately $5,672,607.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,327 shares of company stock valued at $11,900,641 in the last ninety days. Insiders own 2.60% of the company's stock.

A number of analysts have commented on the company. Raymond James started coverage on RBC Bearings in a research report on Friday, June 28th. They issued a "market perform" rating for the company. Truist Financial decreased their price target on shares of RBC Bearings from $328.00 to $315.00 and set a "buy" rating on the stock in a research note on Wednesday, July 17th. Four investment 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.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $287.67.

Check Out Our Latest Stock Analysis on RBC

Shares of RBC opened at $284.58 on Wednesday. The stock has a 50 day simple moving average of $290.16 and a 200-day simple moving average of $279.85. 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 stock has a market cap of $8.32 billion, a PE ratio of 41.97, a PEG ratio of 3.29 and a beta of 1.51. RBC Bearings Incorporated has a 1 year low of $214.14 and a 1 year high of $309.01.

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

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.

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