RBC Bearings Incorporated (NYSE:RBC) Shares Acquired by Jennison Associates LLC

Jennison Associates LLC increased its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 170.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,240 shares of the industrial products company’s stock after purchasing an additional 74,474 shares during the quarter. Jennison Associates LLC’s holdings in RBC Bearings were worth $35,399,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Segall Bryant & Hamill LLC lifted its position in shares of 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 worth $8,896,000 after purchasing an additional 8,725 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in RBC Bearings during the 3rd quarter worth about $3,133,000. Fifth Third Wealth Advisors LLC boosted its position in shares of RBC Bearings by 33.3% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 1,142 shares of the industrial products company’s stock worth $342,000 after acquiring an additional 285 shares in the last quarter. Pathstone Holdings LLC increased its holdings in shares of RBC Bearings by 2.4% in the 3rd quarter. Pathstone Holdings LLC now owns 9,967 shares of the industrial products company’s stock valued at $2,984,000 after acquiring an additional 235 shares during the last quarter. Finally, Quest Partners LLC raised its position in shares of RBC Bearings by 276.5% during the 3rd quarter. Quest Partners LLC now owns 2,481 shares of the industrial products company’s stock worth $743,000 after acquiring an additional 1,822 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Truist Financial raised their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price target for the company from $330.00 to $335.00 in a research report on Thursday. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, RBC Bearings has a consensus rating of “Hold” and an average price target of $314.60.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 3,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $284.23, for a total transaction of $852,690.00. Following the sale, the chief executive officer now directly owns 294,120 shares in the company, valued at approximately $83,597,727.60. The trade was a 1.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction dated 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 sale, the vice president now directly owns 12,539 shares in the company, valued at approximately $3,669,789.13. This represents a 25.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,327 shares of company stock valued at $11,068,921. 2.60% of the stock is owned by company insiders.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $324.82 on Friday. RBC Bearings Incorporated has a one year low of $240.36 and a one year high of $328.39. The stock has a market capitalization of $10.20 billion, a price-to-earnings ratio of 47.42, a PEG ratio of 3.69 and a beta of 1.51. The company has a 50-day simple moving average of $296.74 and a 200-day simple moving average of $287.70. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48.

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

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.