Jennison Associates LLC Has $13.94 Million Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Jennison Associates LLC lowered its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 60.6% in the fourth quarter, HoldingsChannel reports. The fund owned 46,592 shares of the industrial products company’s stock after selling 71,648 shares during the period. Jennison Associates LLC’s holdings in RBC Bearings were worth $13,938,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in RBC. Erste Asset Management GmbH acquired a new position in RBC Bearings during the 3rd quarter valued at about $20,657,000. Douglas Lane & Associates LLC lifted its holdings in RBC Bearings by 54.0% in the third quarter. Douglas Lane & Associates LLC now owns 126,073 shares of the industrial products company’s stock valued at $37,744,000 after buying an additional 44,211 shares during the period. Champlain Investment Partners LLC boosted its stake in RBC Bearings by 12.6% in the third quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock valued at $109,290,000 after acquiring an additional 40,724 shares during the last quarter. State Street Corp grew its holdings in RBC Bearings by 2.4% during the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after acquiring an additional 19,962 shares during the period. Finally, Maren Capital LLC grew its holdings in RBC Bearings by 3.8% during the 3rd quarter. Maren Capital LLC now owns 379,113 shares of the industrial products company’s stock worth $113,499,000 after acquiring an additional 13,812 shares during the period.

Insider Activity at RBC Bearings

In other news, Director Michael H. Ambrose sold 400 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $362.89, for a total transaction of $145,156.00. Following the completion of the transaction, the director now directly owns 6,728 shares in the company, valued at $2,441,523.92. This represents a 5.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

RBC Bearings Stock Performance

Shares of RBC stock opened at $369.40 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. RBC Bearings Incorporated has a 52 week low of $240.36 and a 52 week high of $372.51. The company’s 50 day moving average price is $318.64 and its two-hundred day moving average price is $302.83. The company has a market capitalization of $11.60 billion, a P/E ratio of 50.74, a price-to-earnings-growth ratio of 4.81 and a beta of 1.58.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RBC shares. Truist Financial raised their price target on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday. William Blair restated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. KeyCorp upped 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 shares of RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, Morgan Stanley upped their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research note on Tuesday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $348.50.

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.