Insider Selling: Apollo Management Holdings Gp, Sells 10,000,000 Shares of Rexnord Corp Stock (RXN)
Rexnord Corp (NYSE:RXN) major shareholder Apollo Management Holdings Gp, sold 10,000,000 shares of the company’s stock on the open market in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $26.45, for a total transaction of $264,500,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Several analysts have recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Rexnord Corp in a research note on Thursday. They now have a $28.00 price target on the stock. Separately, analysts at Robert W. Baird raised their price target on shares of Rexnord Corp from $31.00 to $32.00 in a research note on Tuesday, July 15th. Finally, analysts at Deutsche Bank initiated coverage on shares of Rexnord Corp in a research note on Thursday, July 10th. They set a “buy” rating and a $34.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $29.78.
Rexnord Corp (NYSE:RXN) traded up 0.85% on Friday, hitting $27.20. The stock had a trading volume of 576,527 shares. Rexnord Corp has a one year low of $18.24 and a one year high of $30.94. The stock has a 50-day moving average of $28.14 and a 200-day moving average of $28.02. The company has a market cap of $2.757 billion and a price-to-earnings ratio of 95.64.
Rexnord Corp (NYSE:RXN) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.26 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.25 by $0.01. The company had revenue of $509.80 million for the quarter, compared to the consensus estimate of $513.40 million. The company’s quarterly revenue was up .2% on a year-over-year basis. On average, analysts predict that Rexnord Corp will post $1.65 earnings per share for the current fiscal year.
Rexnord Corporation (NYSE:RXN) is a multi-platform industrial company.
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