King Luther Capital Management Corp lifted its position in shares of Rexnord Corp (NYSE:RXN) by 41.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 136,715 shares of the industrial products company’s stock after buying an additional 40,150 shares during the period. King Luther Capital Management Corp owned about 0.13% of Rexnord worth $4,211,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new position in Rexnord during the third quarter valued at approximately $13,173,000. JPMorgan Chase & Co. boosted its position in Rexnord by 10.3% during the third quarter. JPMorgan Chase & Co. now owns 85,370 shares of the industrial products company’s stock valued at $2,630,000 after purchasing an additional 7,996 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in Rexnord during the third quarter valued at approximately $7,420,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Rexnord during the third quarter valued at approximately $827,000. Finally, Broadview Advisors LLC boosted its position in Rexnord by 2.5% during the third quarter. Broadview Advisors LLC now owns 377,775 shares of the industrial products company’s stock valued at $11,635,000 after purchasing an additional 9,050 shares during the last quarter.
Shares of NYSE RXN opened at $25.62 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. The company has a market cap of $2.77 billion, a P/E ratio of 15.93, a P/E/G ratio of 0.92 and a beta of 1.49. Rexnord Corp has a 52 week low of $23.75 and a 52 week high of $32.11.
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 firm had revenue of $524.80 million for the quarter, compared to analyst estimates of $516.66 million. Rexnord had a positive return on equity of 16.99% and a negative net margin of 0.89%. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 earnings per share. As a group, equities research analysts anticipate that Rexnord Corp will post 1.75 EPS for the current year.
Several research analysts recently commented on RXN shares. TheStreet cut Rexnord from a “b” rating to a “c+” rating in a research report on Thursday, October 25th. Oppenheimer increased their price target on Rexnord from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, October 10th. Goldman Sachs Group started coverage on Rexnord in a research report on Tuesday, October 2nd. They set a “neutral” rating and a $31.00 price target for the company. ValuEngine cut Rexnord from a “buy” rating to a “hold” rating in a research report on Thursday, October 18th. Finally, Zacks Investment Research cut Rexnord from a “buy” rating to a “hold” rating in a research report on Tuesday, November 20th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $32.63.
In other Rexnord news, insider Craig Wehr sold 14,964 shares of the company’s stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $28.00, for a total value of $418,992.00. Following the sale, the insider now owns 22,518 shares in the company, valued at $630,504. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Theodore D. Crandall acquired 4,000 shares of the company’s stock in a transaction on Thursday, November 1st. The stock was acquired at an average price of $27.84 per share, for a total transaction of $111,360.00. Following the purchase, the director now directly owns 20,330 shares of the company’s stock, valued at $565,987.20. The disclosure for this purchase can be found here. Insiders sold 29,964 shares of company stock worth $850,167 in the last 90 days. 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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