Allspring Global Investments Holdings LLC Lowers Stock Holdings in RBC Bearings Incorporated $RBC

Allspring Global Investments Holdings LLC cut its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 8.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 165,842 shares of the industrial products company’s stock after selling 15,131 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.52% of RBC Bearings worth $76,087,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Advisors Asset Management Inc. bought a new position in shares of RBC Bearings during the first quarter valued at about $26,000. Larson Financial Group LLC increased its holdings in shares of RBC Bearings by 148.5% in the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares during the period. Root Financial Partners LLC bought a new stake in shares of RBC Bearings in the 3rd quarter valued at about $36,000. EverSource Wealth Advisors LLC increased its stake in RBC Bearings by 123.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 53 shares during the period. Finally, Quent Capital LLC bought a new stake in RBC Bearings in the third quarter valued at approximately $38,000.

Wall Street Analyst Weigh In

RBC has been the topic of a number of analyst reports. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of RBC Bearings in a research note on Monday, December 22nd. KeyCorp upped their target price on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Deutsche Bank Aktiengesellschaft set a $527.00 price target on RBC Bearings and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Finally, Zacks Research upgraded shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $574.67.

RBC Bearings Stock Up 3.4%

NYSE:RBC opened at $542.44 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 0.67. The firm’s 50-day moving average price is $542.76 and its 200-day moving average price is $468.17. The company has a market capitalization of $17.15 billion, a PE ratio of 63.82, a P/E/G ratio of 2.94 and a beta of 1.47. RBC Bearings Incorporated has a 1-year low of $297.28 and a 1-year high of $589.16.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, topping the consensus estimate of $2.83 by $0.21. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The business had revenue of $461.60 million for the quarter, compared to analyst estimates of $460.69 million. During the same quarter in the previous year, the firm posted $2.34 earnings per share. RBC Bearings’s quarterly revenue was up 17.0% on a year-over-year basis. On average, equities analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

About RBC Bearings

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.