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

Jennison Associates LLC grew its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 170.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 118,240 shares of the industrial products company's stock after buying an additional 74,474 shares during the quarter. Jennison Associates LLC owned 0.38% of RBC Bearings worth $35,399,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Segall Bryant & Hamill LLC raised 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. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of RBC Bearings during the third quarter worth $3,133,000. Fifth Third Wealth Advisors LLC increased its stake in RBC Bearings by 33.3% in 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 during the last quarter. Pathstone Holdings LLC grew its position in RBC Bearings by 2.4% in the third quarter. Pathstone Holdings LLC now owns 9,967 shares of the industrial products company's stock worth $2,984,000 after acquiring an additional 235 shares in the last quarter. Finally, Quest Partners LLC raised its position in RBC Bearings by 276.5% in the 3rd quarter. Quest Partners LLC now owns 2,481 shares of the industrial products company's stock worth $743,000 after purchasing an additional 1,822 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RBC shares. Truist Financial increased their target price on RBC Bearings from $315.00 to $347.00 and gave the stock a "buy" rating in a research note on Wednesday. KeyCorp raised RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 target price on the stock in a research report on Friday. Finally, Bank of America lowered shares of RBC Bearings from a "buy" rating to a "neutral" rating and increased their price target for the company from $330.00 to $335.00 in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $324.67.

RBC Bearings Price Performance

Shares of RBC Bearings stock traded up $10.34 during trading hours on Friday, reaching $334.79. 78,487 shares of the company's stock were exchanged, compared to its average volume of 142,711. The business has a fifty day moving average of $296.74 and a two-hundred day moving average of $287.70. The company has a market capitalization of $10.52 billion, a P/E ratio of 47.42, a price-to-earnings-growth ratio of 3.69 and a beta of 1.51. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $334.79.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The company had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. During the same quarter in the prior year, the firm earned $2.07 earnings per share. The company's revenue for the quarter was up 3.2% on a year-over-year basis. As a group, research analysts predict that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Insider Transactions at RBC Bearings

In related news, VP Richard J. Edwards sold 4,200 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. The trade was a 25.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The stock was 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 disclosure for this sale can be found here. In the last three months, insiders have sold 38,327 shares of company stock worth $11,068,921. 2.60% of the stock is currently owned by insiders.

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.