New Jersey Better Educational Savings Trust reduced its holdings in shares of Rexnord Corporation (NYSE:RXN) by 25.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,000 shares of the industrial products company’s stock after selling 4,000 shares during the quarter. New Jersey Better Educational Savings Trust’s holdings in Rexnord Corporation were worth $305,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Manchester Capital Management LLC grew its stake in Rexnord Corporation by 171.6% during the second quarter. Manchester Capital Management LLC now owns 5,540 shares of the industrial products company’s stock worth $129,000 after buying an additional 3,500 shares during the period. Strs Ohio purchased a new stake in Rexnord Corporation during the second quarter worth approximately $139,000. US Bancorp DE grew its stake in Rexnord Corporation by 79.9% during the second quarter. US Bancorp DE now owns 6,074 shares of the industrial products company’s stock worth $141,000 after buying an additional 2,697 shares during the period. Karp Capital Management Corp purchased a new stake in Rexnord Corporation during the first quarter worth approximately $202,000. Finally, MUFG Americas Holdings Corp purchased a new stake in Rexnord Corporation during the second quarter worth approximately $211,000.
Several equities research analysts have issued reports on RXN shares. Janney Montgomery Scott started coverage on shares of Rexnord Corporation in a research note on Friday, July 21st. They set a “buy” rating and a $27.00 price objective for the company. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Rexnord Corporation in a research note on Thursday, September 28th. Zacks Investment Research downgraded shares of Rexnord Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Robert W. Baird set a $27.00 price objective on shares of Rexnord Corporation and gave the stock a “buy” rating in a research note on Thursday, August 24th. Finally, BidaskClub downgraded shares of Rexnord Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Rexnord Corporation presently has an average rating of “Hold” and a consensus target price of $26.00.
In other Rexnord Corporation news, insider Michael Troutman sold 22,914 shares of the stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $24.15, for a total transaction of $553,373.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.50% of the company’s stock.
Rexnord Corporation (NYSE:RXN) opened at 25.66 on Monday. The stock has a 50 day moving average of $25.39 and a 200 day moving average of $24.00. The stock has a market capitalization of $2.66 billion, a P/E ratio of 38.88 and a beta of 1.63. Rexnord Corporation has a 52 week low of $15.80 and a 52 week high of $26.24.
Rexnord Corporation (NYSE:RXN) last announced its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.26 by $0.01. Rexnord Corporation had a return on equity of 14.27% and a net margin of 4.22%. The company had revenue of $487.70 million for the quarter, compared to the consensus estimate of $484.20 million. During the same quarter last year, the company posted $0.35 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that Rexnord Corporation will post $1.26 earnings per share for the current fiscal year.
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Rexnord Corporation Profile
Rexnord Corporation is a multi-platform industrial company. The Company operates through two segments: Process & Motion Control platform, and Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a range of engineered mechanical components used within systems.
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