Principal Financial Group Inc. Sells 16,611 Shares of RBC Bearings Incorporated $RBC

Principal Financial Group Inc. reduced its holdings in RBC Bearings Incorporated (NYSE:RBC) by 16.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 86,700 shares of the industrial products company’s stock after selling 16,611 shares during the period. Principal Financial Group Inc. owned 0.27% of RBC Bearings worth $47,089,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. State Street Corp lifted its holdings in RBC Bearings by 0.5% during the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after purchasing an additional 4,568 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of RBC Bearings by 8.5% during the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after purchasing an additional 48,419 shares in the last quarter. Maren Capital LLC increased its position in shares of RBC Bearings by 1.4% in the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after purchasing an additional 6,373 shares during the period. Invesco Ltd. increased its position in shares of RBC Bearings by 6.2% in the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after purchasing an additional 23,616 shares during the period. Finally, Norges Bank acquired a new position in shares of RBC Bearings in the 4th quarter valued at approximately $175,909,000.

Insider Activity at RBC Bearings

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the company’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the transaction, the vice president owned 2,378 shares of the company’s stock, valued at $1,564,581.32. This represents a 8.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dolores J. Ennico sold 600 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director owned 7,254 shares of the company’s stock, valued at $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,425 shares of company stock valued at $885,400 in the last 90 days. 1.90% of the stock is owned by corporate insiders.

RBC Bearings Price Performance

RBC stock opened at $576.43 on Friday. The stock has a market cap of $18.24 billion, a price-to-earnings ratio of 63.41, a P/E/G ratio of 3.33 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78. The company has a 50 day simple moving average of $599.15 and a 200 day simple moving average of $562.62. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. The firm had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The company’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter last year, the business posted $2.83 earnings per share. Research analysts anticipate that RBC Bearings Incorporated will post 13.59 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on RBC shares. Morgan Stanley lifted their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Truist Financial reissued a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Finally, Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.