Essex Investment Management Co. LLC purchased a new stake in shares of Rexnord Corp (NYSE:RXN) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,876 shares of the industrial products company’s stock, valued at approximately $43,000.
A number of other institutional investors also recently modified their holdings of RXN. Broadview Advisors LLC boosted its holdings in shares of Rexnord by 2.5% in the 3rd quarter. Broadview Advisors LLC now owns 377,775 shares of the industrial products company’s stock valued at $11,635,000 after acquiring an additional 9,050 shares during the last quarter. Crescent Grove Advisors LLC boosted its holdings in shares of Rexnord by 59.7% in the 3rd quarter. Crescent Grove Advisors LLC now owns 269,699 shares of the industrial products company’s stock valued at $8,307,000 after acquiring an additional 100,780 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Rexnord by 10.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 85,370 shares of the industrial products company’s stock valued at $2,630,000 after acquiring an additional 7,996 shares during the last quarter. Rehmann Capital Advisory Group boosted its holdings in shares of Rexnord by 2,952.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 47,678 shares of the industrial products company’s stock valued at $1,548,000 after acquiring an additional 46,116 shares during the last quarter. Finally, Man Group plc boosted its holdings in shares of Rexnord by 207.8% in the 3rd quarter. Man Group plc now owns 303,098 shares of the industrial products company’s stock valued at $9,335,000 after acquiring an additional 204,638 shares during the last quarter.
In related news, CEO Todd A. Adams sold 30,000 shares of the stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $28.02, for a total transaction of $840,600.00. Following the sale, the chief executive officer now directly owns 271,792 shares of the company’s stock, valued at $7,615,611.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Craig Wehr sold 14,964 shares of the stock in a transaction on Friday, November 30th. The stock was sold at an average price of $28.00, for a total transaction of $418,992.00. Following the sale, the insider now directly owns 22,518 shares in the company, valued at $630,504. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company’s stock.
RXN has been the topic of several recent research reports. TheStreet downgraded shares of Rexnord from a “b” rating to a “c+” rating in a report on Thursday, October 25th. Zacks Investment Research reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Rexnord in a report on Thursday, November 15th. ValuEngine raised shares of Rexnord from a “hold” rating to a “buy” rating in a report on Friday, November 16th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $31.00 price objective on shares of Rexnord in a report on Friday, November 23rd. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Rexnord currently has an average rating of “Hold” and an average target price of $30.88.
RXN stock opened at $28.00 on Thursday. The firm has a market capitalization of $2.91 billion, a PE ratio of 15.76, a price-to-earnings-growth ratio of 0.90 and a beta of 1.59. The company has a current ratio of 2.87, a quick ratio of 1.86 and a debt-to-equity ratio of 1.11. Rexnord Corp has a 12 month low of $21.38 and a 12 month high of $32.11.
Rexnord (NYSE:RXN) last announced its quarterly earnings results on Wednesday, January 30th. The industrial products company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.07. Rexnord had a negative net margin of 3.58% and a positive return on equity of 18.32%. The firm had revenue of $485.00 million for the quarter, compared to the consensus estimate of $487.19 million. During the same period in the prior year, the firm posted $0.37 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, research analysts expect that Rexnord Corp will post 1.81 EPS for the current fiscal year.
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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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