Principal Financial Group Inc. reduced its stake in shares of RBC Bearings Incorporated (NYSE:RBC – Free Report) by 16.1% in the 1st quarter, Holdings Channel reports. The firm owned 86,700 shares of the industrial products company’s stock after selling 16,611 shares during the quarter. Principal Financial Group Inc.’s holdings in RBC Bearings were worth $47,089,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of RBC Bearings in the 4th quarter valued at about $175,909,000. Northwestern Mutual Wealth Management Co. raised its position in shares of RBC Bearings by 39,846.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock worth $83,295,000 after acquiring an additional 185,284 shares during the last quarter. Cartenna Capital LP bought a new position in shares of RBC Bearings during the fourth quarter worth about $76,233,000. Invesco Ltd. lifted its stake in shares of RBC Bearings by 60.5% in the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock worth $148,763,000 after acquiring an additional 143,710 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of RBC Bearings by 2,055.5% in the fourth quarter. AQR Capital Management LLC now owns 144,741 shares of the industrial products company’s stock worth $64,906,000 after acquiring an additional 138,026 shares during the period.
Insiders Place Their Bets
In other news, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the sale, the vice president owned 2,378 shares in the company, valued at $1,564,581.32. The trade was a 8.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Dolores J. Ennico sold 600 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the transaction, the director owned 7,254 shares in the company, valued at $4,614,341.94. The trade was a 7.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,425 shares of company stock worth $885,400. Corporate insiders own 1.90% of the company’s stock.
RBC Bearings Stock Down 0.7%
RBC Bearings (NYSE:RBC – Get Free Report) last issued its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. During the same period in the previous year, the company posted $2.83 earnings per share. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. Equities research analysts anticipate that RBC Bearings Incorporated will post 13.59 EPS for the current year.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on RBC. Wall Street Zen cut RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Truist Financial reiterated a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Finally, Morgan Stanley lifted their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $584.00.
RBC Bearings Company Profile
RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.
The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.
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