Jennison Associates LLC Sells 71,648 Shares of RBC Bearings Incorporated (NYSE:RBC)

Jennison Associates LLC reduced its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 60.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,592 shares of the industrial products company's stock after selling 71,648 shares during the period. Jennison Associates LLC owned approximately 0.15% of RBC Bearings worth $13,938,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of RBC. Curated Wealth Partners LLC boosted its holdings in shares of RBC Bearings by 1.6% in the fourth quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company's stock worth $595,000 after buying an additional 32 shares during the period. Marco Investment Management LLC grew its stake in RBC Bearings by 6.6% during the 3rd quarter. Marco Investment Management LLC now owns 810 shares of the industrial products company's stock valued at $242,000 after acquiring an additional 50 shares in the last quarter. Raymond James Trust N.A. increased its stake in RBC Bearings by 2.6% in the 3rd quarter. Raymond James Trust N.A. now owns 2,116 shares of the industrial products company's stock valued at $633,000 after buying an additional 53 shares during the period. SkyView Investment Advisors LLC increased its stake in shares of RBC Bearings by 1.6% in the third quarter. SkyView Investment Advisors LLC now owns 3,621 shares of the industrial products company's stock worth $1,084,000 after acquiring an additional 58 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock worth $28,000 after acquiring an additional 75 shares in the last quarter.

Insider Activity at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total value of $145,156.00. Following the transaction, the director now directly owns 6,728 shares of the company's stock, valued at approximately $2,441,523.92. This trade represents a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.

RBC Bearings Price Performance

Shares of NYSE:RBC traded down $4.72 during midday trading on Thursday, reaching $364.78. The company's stock had a trading volume of 141,302 shares, compared to its average volume of 163,033. RBC Bearings Incorporated has a fifty-two week low of $240.36 and a fifty-two week high of $372.51. The company has a market capitalization of $11.46 billion, a P/E ratio of 50.11, a P/E/G ratio of 4.81 and a beta of 1.58. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The business's fifty day simple moving average is $318.64 and its 200-day simple moving average is $302.83.

Analysts Set New Price Targets

Several equities research analysts recently commented on RBC shares. KeyCorp boosted their price target on RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a research note on Monday. Bank of America lowered RBC Bearings from a "buy" rating to a "neutral" rating and raised their target price for the company from $330.00 to $335.00 in a report on Thursday, November 21st. Morgan Stanley increased their price target on shares of RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a report on Tuesday. Truist Financial boosted their price target on RBC Bearings from $351.00 to $410.00 and gave the company a "buy" rating in a research note on Monday. Finally, William Blair reaffirmed an "outperform" rating on shares of RBC Bearings in a report on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $348.50.

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.