EdgePoint Investment Group Inc. Sells 2,212,152 Shares of Rexnord Corporation (RXN)
EdgePoint Investment Group Inc. trimmed its position in Rexnord Corporation (NYSE:RXN) by 22.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 7,703,109 shares of the industrial products company’s stock after selling 2,212,152 shares during the period. Rexnord Corporation comprises approximately 2.8% of EdgePoint Investment Group Inc.’s holdings, making the stock its 16th largest holding. EdgePoint Investment Group Inc. owned about 7.43% of Rexnord Corporation worth $179,097,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Stevens Capital Management LP bought a new position in Rexnord Corporation in the 2nd quarter valued at $370,000. Amalgamated Bank lifted its stake in shares of Rexnord Corporation by 28.5% in the 2nd quarter. Amalgamated Bank now owns 13,138 shares of the industrial products company’s stock valued at $305,000 after purchasing an additional 2,916 shares during the period. BlackRock Inc. lifted its stake in shares of Rexnord Corporation by 14.4% in the 2nd quarter. BlackRock Inc. now owns 7,026,845 shares of the industrial products company’s stock valued at $163,374,000 after purchasing an additional 883,165 shares during the period. Nationwide Fund Advisors lifted its stake in shares of Rexnord Corporation by 60.3% in the 2nd quarter. Nationwide Fund Advisors now owns 109,318 shares of the industrial products company’s stock valued at $2,542,000 after purchasing an additional 41,106 shares during the period. Finally, Teachers Advisors LLC lifted its stake in shares of Rexnord Corporation by 31.8% in the 2nd quarter. Teachers Advisors LLC now owns 187,153 shares of the industrial products company’s stock valued at $4,351,000 after purchasing an additional 45,149 shares during the period.
In related news, insider Michael Troutman sold 22,914 shares of the business’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $24.15, for a total value of $553,373.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.50% of the company’s stock.
A number of research firms have recently weighed in on RXN. BidaskClub raised Rexnord Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Janney Montgomery Scott began coverage on Rexnord Corporation in a research note on Friday, July 21st. They issued a “buy” rating and a $27.00 price target on the stock. Robert W. Baird set a $27.00 price target on Rexnord Corporation and gave the company a “buy” rating in a research note on Thursday, August 24th. Finally, Zacks Investment Research raised Rexnord Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $26.00.
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Rexnord Corporation (RXN) traded down 1.92% on Friday, hitting $24.52. The stock had a trading volume of 2,881,018 shares. Rexnord Corporation has a 1-year low of $15.80 and a 1-year high of $25.50. The company’s 50 day moving average is $24.07 and its 200-day moving average is $23.48. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 37.15 and a beta of 1.68.
Rexnord Corporation (NYSE:RXN) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.01. Rexnord Corporation had a net margin of 4.22% and a return on equity of 14.27%. The company had revenue of $487.70 million for the quarter, compared to analysts’ expectations of $484.20 million. During the same quarter in the previous year, the firm posted $0.35 earnings per share. Rexnord Corporation’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, analysts forecast that Rexnord Corporation will post $1.27 EPS for the current year.
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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