Jennison Associates LLC Sells 71,648 Shares of RBC Bearings Incorporated (NYSE:RBC)

Jennison Associates LLC reduced its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 60.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 46,592 shares of the industrial products company’s stock after selling 71,648 shares during the period. Jennison Associates LLC owned 0.15% of RBC Bearings worth $13,938,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RBC. Jane Street Group LLC boosted its holdings in RBC Bearings by 18.5% during 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 acquiring an additional 2,584 shares during the period. Segall Bryant & Hamill LLC boosted its stake in RBC Bearings by 41.6% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company’s stock valued at $8,896,000 after purchasing an additional 8,725 shares during the period. TimesSquare Capital Management LLC grew its holdings in RBC Bearings by 17.3% in the 3rd quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock valued at $27,125,000 after buying an additional 13,395 shares during the last quarter. Holocene Advisors LP increased its position in RBC Bearings by 69.4% in the 3rd quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company’s stock worth $3,711,000 after buying an additional 5,078 shares during the period. Finally, State Street Corp lifted its holdings 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 buying an additional 19,962 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Morgan Stanley boosted their price objective on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday. Truist Financial increased their target price on shares of RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research note on Monday. William Blair restated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Finally, KeyCorp raised their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $348.50.

Insider Buying and Selling

In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the sale, the director now directly owns 6,728 shares of the company’s stock, valued at approximately $2,441,523.92. This represents a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings Stock Performance

NYSE:RBC opened at $369.40 on Thursday. The firm has a market capitalization of $11.60 billion, a PE ratio of 50.74, a price-to-earnings-growth ratio of 4.81 and a beta of 1.58. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a 12-month low of $240.36 and a 12-month high of $372.51. The firm has a 50-day moving average price of $318.64 and a 200 day moving average price of $302.83.

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.