Engineers Gate Manager LP bought a new position in shares of Rexnord Corp (NYSE:RXN) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 34,841 shares of the industrial products company’s stock, valued at approximately $1,073,000.
Several other hedge funds have also recently bought and sold shares of the business. Janus Henderson Group PLC grew its holdings in shares of Rexnord by 0.9% during the 2nd quarter. Janus Henderson Group PLC now owns 15,165,954 shares of the industrial products company’s stock worth $440,723,000 after acquiring an additional 140,597 shares during the period. FMR LLC grew its stake in shares of Rexnord by 21.2% in the 2nd quarter. FMR LLC now owns 6,238,342 shares of the industrial products company’s stock worth $181,286,000 after buying an additional 1,089,253 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Rexnord by 0.9% in the 2nd quarter. Jennison Associates LLC now owns 3,498,406 shares of the industrial products company’s stock worth $101,664,000 after buying an additional 31,160 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Rexnord by 3.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,848,021 shares of the industrial products company’s stock worth $82,763,000 after buying an additional 82,879 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Rexnord by 5.6% in the 2nd quarter. Wells Fargo & Company MN now owns 2,172,269 shares of the industrial products company’s stock worth $63,126,000 after buying an additional 116,164 shares during the last quarter.
Several analysts recently weighed in on the company. ValuEngine downgraded Rexnord from a “buy” rating to a “hold” rating in a research note on Thursday, October 18th. Oppenheimer reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Rexnord in a research report on Monday, July 30th. Goldman Sachs Group started coverage on Rexnord in a research report on Tuesday, October 2nd. They issued a “neutral” rating and a $31.00 price objective on the stock. TheStreet cut Rexnord from a “b” rating to a “c+” rating in a research report on Thursday, October 25th. Finally, KeyCorp upped their price objective on Rexnord from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Tuesday, July 31st. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Rexnord has a consensus rating of “Buy” and a consensus target price of $32.71.
RXN stock opened at $29.04 on Friday. The company 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 Corp has a 12-month low of $22.89 and a 12-month high of $32.11. The company has a current ratio of 2.23, a quick ratio of 1.50 and a debt-to-equity ratio of 1.17.
Rexnord (NYSE:RXN) last released its quarterly earnings data on Tuesday, October 30th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.04. The business had revenue of $524.80 million for the quarter, compared to analysts’ expectations of $516.66 million. Rexnord had a positive return on equity of 16.99% and a negative net margin of 0.89%. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.32 EPS. As a group, analysts forecast that Rexnord Corp will post 1.75 EPS for the current year.
In other news, Director Theodore D. Crandall purchased 4,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were purchased at an average cost of $27.84 per share, with a total value of $111,360.00. Following the acquisition, the director now directly owns 20,330 shares of the company’s stock, valued at $565,987.20. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Craig Wehr sold 7,500 shares of the stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $28.50, for a total value of $213,750.00. Following the transaction, the insider now directly owns 15,054 shares in the company, valued at $429,039. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company’s stock.
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Rexnord Company 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.
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