RBC Bearings Incorporated (NYSE:RBC) Stake Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 8.5% in the 3rd quarter, according to its most recent 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 quarter. 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 and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of RBC Bearings by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company's stock worth $738,433,000 after purchasing an additional 19,574 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of RBC Bearings by 1.0% during the 1st 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 acquiring an additional 20,491 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its position 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 worth $523,769,000 after acquiring an additional 22,470 shares during the last quarter. Wasatch Advisors LP grew its holdings in RBC Bearings by 1.6% in the first quarter. Wasatch Advisors LP now owns 1,787,938 shares of the industrial products company's stock valued at $483,369,000 after purchasing an additional 28,749 shares during the period. Finally, Conestoga Capital Advisors LLC raised 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 worth $196,526,000 after purchasing an additional 24,470 shares during the period.

In related news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction on 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 owns 20,461 shares of the company's stock, valued at $5,672,607.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 directly owns 20,461 shares of the company's stock, valued at approximately $5,672,607.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Hartnett sold 503 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the transaction, the chief executive officer now directly owns 322,588 shares of the company's stock, valued at $93,227,932. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,327 shares of company stock worth $11,900,641. 2.60% of the stock is currently owned by company insiders.

Shares of RBC opened at $284.58 on Wednesday. RBC Bearings Incorporated has a 12 month low of $214.14 and a 12 month high of $309.01. The stock's 50-day moving average is $290.31 and its two-hundred day moving average is $279.98. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09. The stock has a market cap of $8.32 billion, a PE ratio of 41.97, a P/E/G ratio of 3.29 and a beta of 1.51.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 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 for the quarter, compared to analyst estimates of $416.65 million. During the same period in the previous year, the company posted $1.98 EPS. RBC Bearings's revenue for the quarter was up 5.0% on a year-over-year basis. Equities analysts forecast that RBC Bearings Incorporated will post 8.95 earnings per share for the current fiscal year.

RBC has been the subject of a number of research analyst reports. Truist Financial dropped their price objective on RBC Bearings from $328.00 to $315.00 and set a "buy" rating for the company in a report on Wednesday, July 17th. Raymond James initiated coverage on RBC Bearings in a report on Friday, June 28th. They issued a "market perform" rating on the stock. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, RBC Bearings has a consensus rating of "Moderate Buy" and a consensus price target of $287.67.

Get Our Latest Research Report 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.

Before you consider RBC Bearings, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and RBC Bearings wasn't on the list.

While RBC Bearings currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Looking to generate income with your stock portfolio? Use these ten stocks to generate a safe and reliable source of investment income.

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools.