Insider Selling: Rexnord Corp major shareholder Unloads 13,100,000 Shares of Stock (RXN)
Rexnord Corp (NYSE:RXN) major shareholder Apollo Management Holdings Gp, unloaded 13,100,000 shares of Rexnord Corp stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $24.81, for a total transaction of $325,011,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of Rexnord Corp (NYSE:RXN) traded up 1.79% on Friday, hitting $27.27. The stock had a trading volume of 589,056 shares. Rexnord Corp has a 52-week low of $15.88 and a 52-week high of $29.29. The stock has a 50-day moving average of $27.24 and a 200-day moving average of $22.69. The company has a market cap of $2.673 billion and a P/E ratio of 184.76.
Rexnord Corp (NYSE:RXN) last announced its 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. Analysts expect that Rexnord Corp will post $1.35 EPS 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 analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Rexnord Corp presently has an average rating of “Buy” and a consensus target price of $26.17.
Rexnord Corporation (NYSE:RXN), formerly Rexnord Holdings, Inc, is a multi-platform industrial company.
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