State Street Corp boosted its holdings in Rexnord Corporation (NYSE:RXN) by 25.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,942,018 shares of the industrial products company’s stock after acquiring an additional 397,761 shares during the period. State Street Corp owned 1.87% of Rexnord Corporation worth $45,151,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. US Bancorp DE lifted its holdings in Rexnord Corporation by 79.9% in the second quarter. US Bancorp DE now owns 6,074 shares of the industrial products company’s stock valued at $141,000 after acquiring an additional 2,697 shares during the last quarter. Cipher Capital LP raised its position in Rexnord Corporation by 4.7% in the second quarter. Cipher Capital LP now owns 103,587 shares of the industrial products company’s stock valued at $2,409,000 after purchasing an additional 4,613 shares during the period. Janus Henderson Group PLC purchased a new stake in Rexnord Corporation in the second quarter valued at approximately $312,466,000. Great Lakes Advisors LLC purchased a new stake in Rexnord Corporation in the second quarter valued at approximately $5,005,000. Finally, Atlantic Trust Group LLC raised its position in Rexnord Corporation by 5.1% in the second quarter. Atlantic Trust Group LLC now owns 438,842 shares of the industrial products company’s stock valued at $10,203,000 after purchasing an additional 21,467 shares during the period.
A number of analysts have issued reports on RXN shares. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Rexnord Corporation in a research report on Thursday, September 28th. Zacks Investment Research raised Rexnord Corporation from a “sell” rating to a “hold” rating in a research report on Monday, October 16th. BidaskClub lowered Rexnord Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Robert W. Baird set a $27.00 target price on Rexnord Corporation and gave the company a “buy” rating in a research report on Thursday, August 24th. Finally, Janney Montgomery Scott started coverage on Rexnord Corporation in a research report on Friday, July 21st. They issued a “buy” rating and a $27.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $26.00.
Shares of Rexnord Corporation (NYSE:RXN) opened at $25.32 on Friday. The stock has a market capitalization of $2,631.38, a P/E ratio of 21.28, a price-to-earnings-growth ratio of 2.01 and a beta of 1.65. The company has a debt-to-equity ratio of 1.37, a current ratio of 3.08 and a quick ratio of 2.17. Rexnord Corporation has a 12-month low of $17.00 and a 12-month high of $26.24.
Rexnord Corporation (NYSE:RXN) last posted its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Rexnord Corporation had a return on equity of 12.03% and a net margin of 4.45%. The business had revenue of $510.80 million for the quarter, compared to analyst estimates of $505.75 million. During the same quarter in the prior year, the company earned $0.38 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. equities research analysts expect that Rexnord Corporation will post 1.25 EPS for the current year.
In other news, insider Michael Troutman sold 22,914 shares of the company’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $24.15, for a total transaction of $553,373.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.50% of the stock is currently owned by corporate insiders.
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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