Jennison Associates LLC Purchases Shares of 42,745 RBC Bearings Incorporated (NYSE:RBC)

Jennison Associates LLC acquired a new stake in RBC Bearings Incorporated (NYSE:RBC) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 42,745 shares of the industrial products company’s stock, valued at approximately $12,178,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Portside Wealth Group LLC raised its holdings in shares of RBC Bearings by 4.8% during the third quarter. Portside Wealth Group LLC now owns 1,104 shares of the industrial products company’s stock valued at $258,000 after purchasing an additional 51 shares during the period. Global Retirement Partners LLC boosted its holdings in RBC Bearings by 16.1% in the third quarter. Global Retirement Partners LLC now owns 383 shares of the industrial products company’s stock worth $90,000 after acquiring an additional 53 shares in the last quarter. Fifth Third Bancorp grew its stake in RBC Bearings by 14.3% in the third quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company’s stock valued at $99,000 after acquiring an additional 53 shares during the period. DAVENPORT & Co LLC increased its holdings in shares of RBC Bearings by 0.9% during the third quarter. DAVENPORT & Co LLC now owns 7,018 shares of the industrial products company’s stock valued at $1,643,000 after acquiring an additional 63 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its holdings in shares of RBC Bearings by 2.1% during the fourth quarter. Bleakley Financial Group LLC now owns 3,197 shares of the industrial products company’s stock valued at $911,000 after acquiring an additional 66 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Truist Financial increased their target price on RBC Bearings from $271.00 to $309.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Citigroup raised their price objective on shares of RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $275.86.

RBC Bearings Stock Performance

RBC stock opened at $244.25 on Friday. The business has a 50 day moving average of $263.73 and a 200-day moving average of $258.59. The firm has a market cap of $6.88 billion, a PE ratio of 40.84, a P/E/G ratio of 4.66 and a beta of 1.45. RBC Bearings Incorporated has a 12-month low of $195.18 and a 12-month high of $288.16. The company has a quick ratio of 1.12, a current ratio of 3.28 and a debt-to-equity ratio of 0.47.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Thursday, February 8th. The industrial products company reported $1.75 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.08). The business had revenue of $373.91 million for the quarter, compared to analysts’ expectations of $376.61 million. RBC Bearings had a net margin of 12.81% and a return on equity of 9.64%. As a group, sell-side analysts expect that RBC Bearings Incorporated will post 8.02 earnings per share for the current year.

Insider Activity

In related news, COO Daniel A. Bergeron sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total value of $4,008,300.00. Following the sale, the chief operating officer now directly owns 121,935 shares of the company’s stock, valued at $32,583,470.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.90% of the company’s stock.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.