Jennison Associates LLC Has $97.40 Million Stake in RBC Bearings Incorporated $RBC

Jennison Associates LLC trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 7.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 179,339 shares of the industrial products company’s stock after selling 13,606 shares during the period. Jennison Associates LLC owned approximately 0.57% of RBC Bearings worth $97,403,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in RBC. Norges Bank acquired a new position in shares of RBC Bearings during the 4th quarter worth about $175,909,000. Northwestern Mutual Wealth Management Co. boosted its stake in RBC Bearings by 39,846.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock valued at $83,295,000 after purchasing an additional 185,284 shares during the period. Cartenna Capital LP acquired a new stake in RBC Bearings in the 4th quarter valued at approximately $76,233,000. Invesco Ltd. grew its holdings in RBC Bearings by 60.5% in the 3rd quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock valued at $148,763,000 after buying an additional 143,710 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in RBC Bearings by 2,055.5% in the 4th quarter. AQR Capital Management LLC now owns 144,741 shares of the industrial products company’s stock worth $64,906,000 after buying an additional 138,026 shares during the period.

RBC Bearings Trading Up 0.2%

RBC Bearings stock opened at $576.43 on Monday. The business has a 50 day moving average price of $599.15 and a two-hundred day moving average price of $563.36. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 12 month low of $364.50 and a 12 month high of $667.69. The stock has a market cap of $18.24 billion, a price-to-earnings ratio of 63.41, a price-to-earnings-growth ratio of 3.30 and a beta of 1.40.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.31. The company had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.RBC Bearings’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.83 EPS. As a group, equities analysts forecast that RBC Bearings Incorporated will post 13.59 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RBC shares. Weiss Ratings upgraded RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Truist Financial reiterated a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Morgan Stanley raised their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $584.00.

Insiders Place Their Bets

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the sale, the director directly owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John J. Feeney sold 225 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the sale, the vice president owned 2,378 shares in the company, valued at approximately $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,425 shares of company stock worth $885,400 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.

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.