Jennison Associates LLC Grows Stake in RBC Bearings Incorporated $RBC

Key Points

• Jennison Associates LLC increased its stake in RBC Bearings by 9.1% in Q4, now owning 192,945 shares (about 0.61% of the company) valued at $86.52 million after purchasing 16,023 additional shares.
• Analyst sentiment is broadly positive with an average rating of Buy (1 Strong Buy, 6 Buy, 1 Hold) and an average price target of $574.67, while several firms raised targets (KeyCorp to $680, Morgan Stanley $600, Truist $599).
• RBC beat Q results (EPS $3.04 vs. $2.83 est., revenue $461.6M, +17% y/y), and the stock trades near $600 with a market cap of $18.97B, a PE of ~70.6, and a 52-week range of $331.05–$607.45.

Jennison Associates LLC grew its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 9.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 192,945 shares of the industrial products company's stock after buying an additional 16,023 shares during the quarter. Jennison Associates LLC owned approximately 0.61% of RBC Bearings worth $86,522,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in RBC Bearings in the 4th quarter worth approximately $35,000. Advisors Asset Management Inc. purchased a new stake in RBC Bearings in the 1st quarter worth approximately $26,000. Larson Financial Group LLC lifted its holdings in 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 buying an additional 49 shares during the period. Root Financial Partners LLC purchased a new stake in RBC Bearings in the 3rd quarter worth approximately $36,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in RBC Bearings by 123.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company's stock worth $37,000 after buying an additional 53 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on RBC shares. Truist Financial increased their price objective on RBC Bearings from $542.00 to $599.00 and gave the stock a "buy" rating in a report on Friday, February 6th. The Goldman Sachs Group restated a "neutral" rating and issued a $542.00 target price on shares of RBC Bearings in a research note on Monday, February 9th. Morgan Stanley restated an "overweight" rating and issued a $600.00 target price on shares of RBC Bearings in a research note on Friday, February 6th. KeyCorp raised their target price on RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a research note on Monday, March 2nd. Finally, Zacks Research upgraded RBC Bearings from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $574.67.

RBC Bearings Trading Up 2.6%

RBC opened at $599.85 on Friday. The stock has a market cap of $18.97 billion, a PE ratio of 70.57, a PEG ratio of 2.79 and a beta of 1.49. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. The business has a 50 day moving average of $566.84 and a 200-day moving average of $497.78. RBC Bearings Incorporated has a 52 week low of $331.05 and a 52 week high of $607.45.

RBC Bearings (NYSE:RBC - Get Free Report) last released its earnings results on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, beating analysts' consensus estimates of $2.83 by $0.21. The company had revenue of $461.60 million during the quarter, compared to analysts' expectations of $460.69 million. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The firm's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.34 EPS. Equities research analysts predict that RBC Bearings Incorporated will post 11.65 earnings per share for the current fiscal year.

About RBC Bearings

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.

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