Allspring Global Investments Holdings LLC Has $66.25 Million Stake in RBC Bearings Incorporated (NYSE:RBC)

Allspring Global Investments Holdings LLC grew its holdings in RBC Bearings Incorporated (NYSE:RBC) by 39.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 222,430 shares of the industrial products company’s stock after buying an additional 62,706 shares during the period. Allspring Global Investments Holdings LLC owned 0.71% of RBC Bearings worth $66,247,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Jane Street Group LLC lifted its position in shares of RBC Bearings by 18.5% in the third quarter. Jane Street Group LLC now owns 16,536 shares of the industrial products company’s stock valued at $4,951,000 after buying an additional 2,584 shares during the last quarter. Segall Bryant & Hamill LLC increased its stake in shares of RBC Bearings by 41.6% during the third quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company’s stock worth $8,896,000 after purchasing an additional 8,725 shares during the period. TimesSquare Capital Management LLC increased its stake in shares of RBC Bearings by 17.3% during the third quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock worth $27,125,000 after purchasing an additional 13,395 shares during the period. Holocene Advisors LP increased its stake in shares of RBC Bearings by 69.4% during the third quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company’s stock worth $3,711,000 after purchasing an additional 5,078 shares during the period. Finally, State Street Corp increased its stake in shares of RBC Bearings by 2.4% during the third quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after purchasing an additional 19,962 shares during the period.

Insiders Place Their Bets

In other news, CEO Michael J. Hartnett sold 2,500 shares of RBC Bearings stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $367.95, for a total value of $919,875.00. Following the transaction, the chief executive officer now owns 320,088 shares in the company, valued at approximately $117,776,379.60. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the transaction, the director now owns 6,728 shares in the company, valued at approximately $2,441,523.92. The trade was a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,900 shares of company stock worth $3,963,031 in the last 90 days. Company insiders own 2.60% of the company’s stock.

RBC Bearings Price Performance

RBC Bearings stock opened at $362.51 on Friday. The stock’s fifty day moving average price is $321.74 and its two-hundred day moving average price is $305.81. RBC Bearings Incorporated has a one year low of $241.43 and a one year high of $372.51. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The firm has a market cap of $11.39 billion, a PE ratio of 49.79, a price-to-earnings-growth ratio of 4.90 and a beta of 1.58.

Analyst Ratings Changes

RBC has been the topic of a number of recent research reports. Truist Financial increased their target price on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and increased their target price for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. KeyCorp increased their target price on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Morgan Stanley raised their price objective on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and an average target price of $361.20.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.