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

Allspring Global Investments Holdings LLC reduced its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 8.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 about 0.55% of RBC Bearings worth $47,818,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. UMB Bank n.a. grew its holdings in shares of RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 75 shares in the last quarter. DT Investment Partners LLC acquired a new position in shares of RBC Bearings in the second quarter worth $35,000. Opal Wealth Advisors LLC purchased a new stake in shares of RBC Bearings during the second quarter worth $41,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of RBC Bearings by 570.8% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company's stock valued at $44,000 after acquiring an additional 137 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in RBC Bearings in the second quarter valued at $54,000.

RBC opened at $284.58 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. RBC Bearings Incorporated has a one year low of $214.14 and a one year high of $309.01. The company has a market cap of $8.32 billion, a P/E ratio of 41.97, a PEG ratio of 3.29 and a beta of 1.51. The business's 50-day simple moving average is $290.31 and its 200-day simple moving average is $279.98.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $406.30 million for the quarter, compared to analyst estimates of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The firm's revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.98 earnings per share. As a group, equities research analysts expect that RBC Bearings Incorporated will post 8.95 EPS for the current fiscal year.

In other news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Richard J. Edwards sold 4,200 shares of the 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Edward Stewart sold 3,000 shares of the firm's stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the transaction, the director now directly owns 20,461 shares in the company, valued at $5,672,607.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,327 shares of company stock valued at $11,900,641 over the last ninety days. Insiders own 2.60% of the company's stock.

Several equities research analysts have weighed in on RBC shares. Raymond James started coverage on RBC Bearings in a report on Friday, June 28th. They set a "market perform" rating 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 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, the company presently has a consensus rating of "Moderate Buy" and an average target price of $287.67.

Get Our Latest Stock Analysis on RBC

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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