Jennison Associates LLC Buys 1,522 Shares of RBC Bearings Incorporated (NYSE:RBC)

Jennison Associates LLC increased its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 3.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 48,114 shares of the industrial products company's stock after acquiring an additional 1,522 shares during the period. Jennison Associates LLC owned about 0.15% of RBC Bearings worth $15,482,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. NBC Securities Inc. bought a new position in RBC Bearings during the 1st quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of RBC Bearings by 109.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock valued at $36,000 after buying an additional 59 shares during the period. Golden State Wealth Management LLC raised its position in shares of RBC Bearings by 107.1% during the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock worth $85,000 after acquiring an additional 136 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of RBC Bearings by 80.8% in the first quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock worth $100,000 after acquiring an additional 139 shares during the period. Finally, Quarry LP boosted its holdings in RBC Bearings by 30.9% in the fourth quarter. Quarry LP now owns 390 shares of the industrial products company's stock valued at $117,000 after acquiring an additional 92 shares during the last quarter.

Insider Activity

In other news, CEO Michael J. Hartnett sold 9,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $371.37, for a total value of $3,342,330.00. Following the completion of the transaction, the chief executive officer directly owned 302,853 shares of the company's stock, valued at $112,470,518.61. This represents a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven H. Kaplan sold 400 shares of RBC Bearings stock in a transaction on Monday, June 9th. The stock was sold at an average price of $381.30, for a total value of $152,520.00. Following the sale, the director owned 2,499 shares in the company, valued at $952,868.70. This trade represents a 13.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,973 shares of company stock worth $29,186,872. Corporate insiders own 2.60% of the company's stock.

RBC Bearings Stock Down 1.0%

Shares of NYSE:RBC traded down $3.96 during mid-day trading on Thursday, hitting $385.34. 156,183 shares of the company traded hands, compared to its average volume of 171,761. The stock has a 50-day moving average price of $377.83 and a two-hundred day moving average price of $350.57. RBC Bearings Incorporated has a 12-month low of $260.53 and a 12-month high of $402.22. The stock has a market cap of $12.10 billion, a P/E ratio of 50.24, a P/E/G ratio of 3.18 and a beta of 1.65. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.13. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The firm had revenue of $437.70 million during the quarter, compared to analyst estimates of $440.26 million. During the same quarter in the prior year, the business posted $2.47 EPS. The business's revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on RBC. Truist Financial raised their price target on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a report on Thursday, June 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of RBC Bearings in a research note on Wednesday, July 16th. They set a "buy" rating and a $480.00 target price for the company. Morgan Stanley reaffirmed an "overweight" rating and set a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. The Goldman Sachs Group lifted their price objective on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, KeyCorp upped their target price on RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, RBC Bearings presently has an average rating of "Moderate Buy" and an average price target of $421.17.

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.