Insider Selling: George M. Sherman Sells 1,070,000 Shares of Rexnord Corp Stock (RXN)
Rexnord Corp (NYSE:RXN) Chairman George M. Sherman sold 1,070,000 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $24.81, for a total transaction of $26,546,700.00. Following the transaction, the chairman now directly owns 527,929 shares of the company’s stock, valued at approximately $13,097,918. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Rexnord Corp (NYSE:RXN) traded up 0.08% during mid-day trading on Wednesday, hitting $26.02. 435,648 shares of the company’s stock traded hands. Rexnord Corp has a 1-year low of $15.88 and a 1-year high of $29.29. The stock has a 50-day moving average of $27.20 and a 200-day moving average of $22.6. The company has a market cap of $2.550 billion and a price-to-earnings ratio of 179.31.
Rexnord Corp (NYSE:RXN) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.17 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.32 by $0.15. On average, analysts predict that Rexnord Corp will post $1.35 earnings per share for the current fiscal year.
A number of research firms have recently commented on RXN. Analysts at Robert W. Baird raised their price target on shares of Rexnord Corp from $26.00 to $30.00 in a research note to investors on Tuesday, January 7th. They now have an “outperform” rating on the stock. Separately, analysts at Credit Suisse upgraded shares of Rexnord Corp from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, January 6th. They now have a $31.00 price target on the stock, up previously from $22.00. Finally, analysts at Zacks downgraded shares of Rexnord Corp from an “outperform” rating to a “neutral” rating in a research note to investors on Friday, January 3rd. They now have a $28.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Rexnord Corp presently has a consensus rating of “Buy” and an average price target of $26.17.
Rexnord Corporation (NYSE:RXN), formerly Rexnord Holdings, Inc, is a multi-platform industrial company.
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