Jennison Associates LLC Has $97.40 Million Stock Holdings in RBC Bearings Incorporated $RBC

Jennison Associates LLC lowered its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 7.1% in the first quarter, HoldingsChannel reports. The firm owned 179,339 shares of the industrial products company’s stock after selling 13,606 shares during the period. Jennison Associates LLC’s holdings in RBC Bearings were worth $97,403,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. boosted its position in RBC Bearings by 106.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after buying an additional 33 shares in the last quarter. Millstone Evans Group LLC increased its holdings in shares of RBC Bearings by 45.3% during the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after buying an additional 24 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of RBC Bearings in the fourth quarter valued at approximately $35,000. Advisors Asset Management Inc. acquired a new position in shares of RBC Bearings in the 1st quarter worth approximately $26,000. Finally, Larson Financial Group LLC boosted its holdings in shares of RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 49 shares in the last quarter.

RBC Bearings Stock Performance

RBC stock opened at $576.43 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78. The company has a 50 day moving average price of $599.15 and a 200 day moving average price of $563.36. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The stock has a market capitalization of $18.24 billion, a PE 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 EPS for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. The firm 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%.The business’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period last year, the company earned $2.83 EPS. Analysts forecast that RBC Bearings Incorporated will post 13.59 EPS for the current year.

Analyst Ratings Changes

RBC has been the subject of a number of recent analyst reports. Wall Street Zen cut RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Morgan Stanley boosted their price objective on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Truist Financial restated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Finally, Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $584.00.

Insider Activity

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Edward Stewart sold 600 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the transaction, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% 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 valued at $885,400 over the last 90 days. 1.90% of the stock is owned by company insiders.

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.