Principal Financial Group Inc. Purchases 4,776 Shares of RBC Bearings Incorporated $RBC

Principal Financial Group Inc. increased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 4.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 111,443 shares of the industrial products company’s stock after purchasing an additional 4,776 shares during the period. Principal Financial Group Inc.’s holdings in RBC Bearings were worth $43,495,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Machina Capital S.A.S. purchased a new position in RBC Bearings during the 2nd quarter worth $352,000. HB Wealth Management LLC purchased a new position in shares of RBC Bearings during the second quarter valued at $237,000. Frontier Capital Management Co. LLC purchased a new position in shares of RBC Bearings during the second quarter valued at $39,818,000. EULAV Asset Management raised its holdings in shares of RBC Bearings by 20.6% in the third quarter. EULAV Asset Management now owns 78,600 shares of the industrial products company’s stock valued at $30,677,000 after acquiring an additional 13,400 shares in the last quarter. Finally, New England Research & Management Inc. purchased a new stake in RBC Bearings in the third quarter worth about $1,093,000.

Analyst Ratings Changes

RBC has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft set a $527.00 price target on shares of RBC Bearings and gave the company a “buy” rating in a report on Wednesday, December 17th. Truist Financial set a $542.00 price objective on shares of RBC Bearings in a research note on Friday, January 9th. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a report on Monday, December 22nd. Bank of America upgraded RBC Bearings from a “neutral” rating to a “buy” rating and lifted their price target for the company from $390.00 to $500.00 in a report on Thursday, November 6th. Finally, KeyCorp upped their price objective on RBC Bearings from $475.00 to $535.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 6th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $489.17.

RBC Bearings Price Performance

NYSE RBC opened at $516.72 on Thursday. The firm’s fifty day simple moving average is $471.44 and its two-hundred day simple moving average is $424.05. The firm has a market capitalization of $16.33 billion, a P/E ratio of 63.09, a P/E/G ratio of 3.44 and a beta of 1.52. The company has a current ratio of 3.18, a quick ratio of 1.13 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a 12-month low of $297.28 and a 12-month high of $522.07.

Insider Transactions at RBC Bearings

In other RBC Bearings news, Director Steven H. Kaplan sold 700 shares of the stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $443.00, for a total value of $310,100.00. Following the completion of the sale, the director directly owned 1,999 shares in the company, valued at approximately $885,557. This trade represents a 25.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.90% of the stock is owned by corporate insiders.

RBC Bearings 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.