Jennison Associates LLC Boosts Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Jennison Associates LLC raised its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 170.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 118,240 shares of the industrial products company’s stock after buying an additional 74,474 shares during the quarter. Jennison Associates LLC owned about 0.38% of RBC Bearings worth $35,399,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in shares of RBC Bearings by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock worth $566,549,000 after purchasing an additional 20,491 shares in the last quarter. Vanguard Group Inc. increased its position in RBC Bearings by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock valued at $738,433,000 after buying an additional 19,574 shares in the last quarter. CWM LLC raised its stake in RBC Bearings by 41.3% in the second quarter. CWM LLC now owns 10,436 shares of the industrial products company’s stock valued at $2,815,000 after buying an additional 3,051 shares during the last quarter. TimesSquare Capital Management LLC boosted its holdings in RBC Bearings by 17.3% in the third quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock worth $27,125,000 after acquiring an additional 13,395 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of RBC Bearings during the second quarter worth about $2,380,000.

RBC Bearings Price Performance

NYSE:RBC opened at $324.82 on Friday. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. RBC Bearings Incorporated has a 52 week low of $240.36 and a 52 week high of $328.39. The stock’s 50-day moving average price is $296.74 and its 200-day moving average price is $287.70. The stock has a market capitalization of $10.20 billion, a PE ratio of 47.42, a price-to-earnings-growth ratio of 3.69 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The company had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The business’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.07 earnings per share. As a group, equities analysts expect that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on RBC. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $330.00 to $335.00 in a research note on Thursday. Truist Financial lifted their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings has a consensus rating of “Hold” and a consensus price target of $314.60.

Insider Activity

In related news, CEO Michael J. Hartnett sold 503 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total transaction of $145,367.00. Following the transaction, the chief executive officer now directly owns 322,588 shares in the company, valued at approximately $93,227,932. The trade was a 0.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Richard J. Edwards sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the transaction, the vice president now directly owns 12,539 shares in the company, valued at $3,669,789.13. This trade represents a 25.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,327 shares of company stock worth $11,068,921 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings Profile

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.