Jennison Associates LLC Acquires 48,628 Shares of RBC Bearings Incorporated $RBC

Jennison Associates LLC grew its holdings in RBC Bearings Incorporated (NYSE:RBC) by 101.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 96,742 shares of the industrial products company’s stock after acquiring an additional 48,628 shares during the quarter. Jennison Associates LLC owned 0.31% of RBC Bearings worth $37,226,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Advisors Asset Management Inc. bought a new stake in shares of RBC Bearings in the first quarter valued at about $26,000. AlphaQuest LLC bought a new stake in shares of RBC Bearings in the second quarter valued at about $83,000. SVB Wealth LLC bought a new stake in shares of RBC Bearings in the first quarter valued at about $111,000. IFP Advisors Inc boosted its position in shares of RBC Bearings by 51.6% in the second quarter. IFP Advisors Inc now owns 291 shares of the industrial products company’s stock valued at $112,000 after acquiring an additional 99 shares during the period. Finally, Harbor Investment Advisory LLC raised its stake in RBC Bearings by 19.8% in the second quarter. Harbor Investment Advisory LLC now owns 327 shares of the industrial products company’s stock valued at $126,000 after purchasing an additional 54 shares in the last quarter.

Insider Activity

In other RBC Bearings news, COO Daniel A. Bergeron sold 48,743 shares of the business’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $402.75, for a total transaction of $19,631,243.25. Following the completion of the transaction, the chief operating officer owned 111,134 shares of the company’s stock, valued at approximately $44,759,218.50. The trade was a 30.49% 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. Also, VP John J. Feeney sold 105 shares of the company’s stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $382.83, for a total value of $40,197.15. Following the completion of the transaction, the vice president directly owned 2,666 shares of the company’s stock, valued at $1,020,624.78. This represents a 3.79% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by insiders.

RBC Bearings Stock Down 0.2%

Shares of NYSE RBC opened at $407.93 on Friday. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. The company has a market cap of $12.87 billion, a price-to-earnings ratio of 51.38, a PEG ratio of 3.16 and a beta of 1.71. RBC Bearings Incorporated has a 12 month low of $272.50 and a 12 month high of $416.88. The stock has a 50-day moving average price of $386.77 and a two-hundred day moving average price of $376.84.

RBC Bearings (NYSE:RBC) last issued its earnings results on Monday, August 15th. The industrial products company reported $1.22 EPS for the quarter. The firm had revenue of $156.21 million during the quarter. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. As a group, analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RBC Bearings in a research note on Wednesday, October 8th. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. The Goldman Sachs Group boosted their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. KeyCorp boosted their target price on shares of RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a research report on Tuesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft set a $503.00 target price on shares of RBC Bearings and gave the company a “buy” rating in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average target price of $429.00.

RBC Bearings Company 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.