Daiwa Securities Group Inc. Trims Holdings in Rexnord Corp (RXN)

Daiwa Securities Group Inc. reduced its position in shares of Rexnord Corp (NYSE:RXN) by 26.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,135 shares of the industrial products company’s stock after selling 33,028 shares during the quarter. Daiwa Securities Group Inc. owned about 0.09% of Rexnord worth $2,776,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Engineers Gate Manager LP purchased a new position in shares of Rexnord during the 3rd quarter valued at about $1,073,000. Sterling Capital Management LLC raised its stake in shares of Rexnord by 12.3% during the 3rd quarter. Sterling Capital Management LLC now owns 109,226 shares of the industrial products company’s stock valued at $3,364,000 after buying an additional 11,934 shares during the last quarter. US Bancorp DE raised its stake in shares of Rexnord by 372.5% during the 3rd quarter. US Bancorp DE now owns 42,110 shares of the industrial products company’s stock valued at $1,297,000 after buying an additional 33,197 shares during the last quarter. Moody National Bank Trust Division increased its stake in shares of Rexnord by 1,009.7% in the 3rd quarter. Moody National Bank Trust Division now owns 132,390 shares of the industrial products company’s stock valued at $4,077,000 after purchasing an additional 120,460 shares in the last quarter. Finally, Robecosam AG increased its stake in shares of Rexnord by 117.9% in the 3rd quarter. Robecosam AG now owns 832,367 shares of the industrial products company’s stock valued at $25,787,000 after purchasing an additional 450,429 shares in the last quarter.

In other Rexnord news, insider Craig Wehr sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $28.50, for a total transaction of $213,750.00. Following the completion of the sale, the insider now directly owns 15,054 shares in the company, valued at approximately $429,039. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Theodore D. Crandall acquired 4,000 shares of the business’s stock in a transaction on Thursday, November 1st. The shares were purchased at an average price of $27.84 per share, with a total value of $111,360.00. Following the completion of the purchase, the director now owns 20,330 shares in the company, valued at approximately $565,987.20. The disclosure for this purchase can be found here. 4.50% of the stock is currently owned by insiders.

Shares of Rexnord stock opened at $29.04 on Friday. The company has a quick ratio of 1.50, a current ratio of 2.23 and a debt-to-equity ratio of 1.17. Rexnord Corp has a twelve month low of $22.89 and a twelve month high of $32.11. The stock has a market capitalization of $3.02 billion, a P/E ratio of 20.89, a price-to-earnings-growth ratio of 1.01 and a beta of 1.48.

Rexnord (NYSE:RXN) last posted its quarterly earnings data on Tuesday, October 30th. The industrial products company reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.04. Rexnord had a positive return on equity of 16.99% and a negative net margin of 0.89%. The company had revenue of $524.80 million during the quarter, compared to analyst estimates of $516.66 million. During the same period in the previous year, the business earned $0.32 EPS. Rexnord’s quarterly revenue was up 15.6% on a year-over-year basis. Analysts forecast that Rexnord Corp will post 1.75 earnings per share for the current fiscal year.

Several equities analysts recently weighed in on RXN shares. Oppenheimer restated a “buy” rating and issued a $35.00 price target on shares of Rexnord in a research note on Monday, July 30th. TheStreet lowered Rexnord from a “b” rating to a “c+” rating in a research note on Thursday, October 25th. Goldman Sachs Group started coverage on Rexnord in a research note on Tuesday, October 2nd. They issued a “neutral” rating and a $31.00 price target for the company. KeyCorp lifted their price target on Rexnord from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Tuesday, July 31st. Finally, Bank of America lifted their price target on Rexnord from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $32.71.

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Rexnord Profile

Rexnord Corporation designs, manufactures, and markets process and motion control, and water management products worldwide. It operates in two segments, Process & Motion Control Platform and Water Management Platform. The company offers table top conveying chain and related accessories, metal conveying and engineered woven metals, gearing and gear drives, conveying equipment, industrial chain, and custom assemblies; custom-engineered, application-specific miniature gearboxes, and motion control assemblies and components used in aerospace, defense, medical equipment, robotics, semiconductor, instrumentation, and satellite communications; and shaft management products, including couplings, torque limiters, electromagnetic clutches and brakes, industrial bearings, and shaft locking assemblies.

See Also: Cost of Capital

Institutional Ownership by Quarter for Rexnord (NYSE:RXN)

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