Principal Financial Group Inc. Lowers Stock Holdings in RBC Bearings Incorporated $RBC

Principal Financial Group Inc. reduced its position in RBC Bearings Incorporated (NYSE:RBC) by 7.3% in the 4th quarter, Holdings Channel reports. The fund owned 103,311 shares of the industrial products company’s stock after selling 8,132 shares during the period. Principal Financial Group Inc.’s holdings in RBC Bearings were worth $46,328,000 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. Advisors Asset Management Inc. purchased a new stake in RBC Bearings in the 1st quarter worth approximately $26,000. Larson Financial Group LLC grew its stake in shares of RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after buying an additional 49 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of RBC Bearings during the 4th quarter valued at $35,000. Root Financial Partners LLC purchased a new stake in shares of RBC Bearings during the 3rd quarter valued at $36,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after buying an additional 53 shares during the period.

RBC Bearings Stock Down 0.8%

Shares of RBC Bearings stock opened at $606.44 on Friday. The company has a fifty day moving average price of $569.85 and a 200 day moving average price of $504.53. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22. RBC Bearings Incorporated has a twelve month low of $346.25 and a twelve month high of $632.00. The stock has a market cap of $19.18 billion, a price-to-earnings ratio of 71.35, a price-to-earnings-growth ratio of 2.92 and a beta of 1.47.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.21. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The firm had revenue of $461.60 million during the quarter, compared to analysts’ expectations of $460.69 million. During the same period in the prior year, the company earned $2.34 EPS. The firm’s revenue was up 17.0% on a year-over-year basis. Equities research analysts forecast that RBC Bearings Incorporated will post 11.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RBC. Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. KeyCorp boosted their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Morgan Stanley reissued an “overweight” rating and set a $600.00 price objective on shares of RBC Bearings in a research note on Friday, February 6th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a research note on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $574.67.

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.