Allspring Global Investments Holdings LLC Lowers Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Allspring Global Investments Holdings LLC reduced its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 8.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 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 bought and sold shares of the business. UMB Bank n.a. grew its holdings in shares of RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock valued at $28,000 after buying an additional 75 shares during the last quarter. DT Investment Partners LLC purchased a new stake in shares of RBC Bearings during the second quarter valued at approximately $35,000. Opal Wealth Advisors LLC bought a new position in RBC Bearings during the second quarter valued at approximately $41,000. Benjamin F. Edwards & Company Inc. lifted its position in RBC Bearings by 570.8% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company's stock valued at $44,000 after purchasing an additional 137 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in RBC Bearings in the second quarter worth approximately $54,000.

Shares of RBC stock traded down $1.93 during trading hours on Wednesday, reaching $282.50. 11,959 shares of the stock were exchanged, compared to its average volume of 142,941. The company's 50-day moving average price is $290.31 and its 200-day moving average price is $279.98. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. RBC Bearings Incorporated has a 12-month low of $214.14 and a 12-month high of $309.01. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 41.97, a price-to-earnings-growth ratio of 3.29 and a beta of 1.51.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate 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 net margin of 14.01% and a return on equity of 10.04%. The business's revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.98 EPS. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 8.95 earnings per share for the current year.

Several equities analysts recently weighed in on the stock. Truist Financial cut their target price on shares of RBC Bearings from $328.00 to $315.00 and set a "buy" rating for the company in a research note on Wednesday, July 17th. Raymond James assumed coverage on shares of RBC Bearings in a research note on Friday, June 28th. They set a "market perform" rating for the company. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $287.67.

Check Out Our Latest Analysis on RBC

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the company's stock in a transaction on 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 completion of the transaction, the vice president now directly owns 12,539 shares in the company, valued at approximately $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 accessible through this hyperlink. In related 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 value of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares of the company's stock, valued at approximately $3,669,789.13. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 completion of the sale, the director now directly owns 20,461 shares of the company's stock, valued at $5,672,607.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,327 shares of company stock worth $11,900,641 in the last three months. Company insiders own 2.60% of the company's stock.

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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