Jennison Associates LLC decreased its stake in shares of RBC Bearings Incorporated (NASDAQ:ROLL) by 1.8% during the 1st quarter, Holdings Channel reports. The firm owned 13,523 shares of the industrial products company’s stock after selling 250 shares during the quarter. Jennison Associates LLC’s holdings in RBC Bearings were worth $1,720,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. IFP Advisors Inc lifted its holdings in RBC Bearings by 66.7% in the fourth quarter. IFP Advisors Inc now owns 195 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the last quarter. Berman Capital Advisors LLC bought a new position in RBC Bearings in the fourth quarter worth about $33,000. Quadrant Capital Group LLC lifted its holdings in RBC Bearings by 180.7% in the first quarter. Quadrant Capital Group LLC now owns 553 shares of the industrial products company’s stock worth $69,000 after acquiring an additional 356 shares during the last quarter. Advisory Services Network LLC lifted its holdings in RBC Bearings by 39.7% in the fourth quarter. Advisory Services Network LLC now owns 577 shares of the industrial products company’s stock worth $75,000 after acquiring an additional 164 shares during the last quarter. Finally, YorkBridge Wealth Partners LLC bought a new position in RBC Bearings in the fourth quarter worth about $77,000. 97.00% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have issued reports on ROLL shares. William Blair reissued an “outperform” rating on shares of RBC Bearings in a report on Friday, May 24th. ValuEngine cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Friday, March 22nd. BidaskClub cut shares of RBC Bearings from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. SunTrust Banks raised their target price on shares of RBC Bearings to $137.00 and gave the stock a “hold” rating in a report on Friday, May 24th. Finally, Zacks Investment Research cut shares of RBC Bearings from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. RBC Bearings has an average rating of “Hold” and a consensus price target of $161.33.
RBC Bearings (NASDAQ:ROLL) last released its quarterly earnings results on Thursday, May 23rd. The industrial products company reported $1.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.11. The company had revenue of $182.20 million for the quarter, compared to analysts’ expectations of $180.76 million. RBC Bearings had a return on equity of 13.01% and a net margin of 14.97%. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. As a group, equities research analysts expect that RBC Bearings Incorporated will post 5.31 earnings per share for the current year.
In other news, insider Michael J. Hartnett sold 5,381 shares of RBC Bearings stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $150.48, for a total transaction of $809,732.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Thomas J. Obrien sold 2,500 shares of RBC Bearings stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $126.19, for a total value of $315,475.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,075 shares of company stock worth $2,445,102. Corporate insiders own 3.10% of the company’s stock.
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About RBC Bearings
RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in North America, Europe, Asia, and Latin America. It operates in four segments: Plain Bearings, Roller Bearings, Ball Bearings, and Engineered Products. The Plain Bearings segment produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings that are primarily used to rectify inevitable misalignments in various mechanical components, such as aircraft controls, helicopter rotors, or in heavy mining and construction equipment.
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