Rexnord Corporation (RXN) Holdings Raised by BlackRock Inc.
BlackRock Inc. raised its position in Rexnord Corporation (NYSE:RXN) by 14.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,026,845 shares of the industrial products company’s stock after purchasing an additional 883,165 shares during the period. BlackRock Inc. owned 6.77% of Rexnord Corporation worth $163,374,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Manchester Capital Management LLC increased its position in shares of Rexnord Corporation by 171.6% in the 2nd quarter. Manchester Capital Management LLC now owns 5,540 shares of the industrial products company’s stock valued at $129,000 after purchasing an additional 3,500 shares during the last quarter. Strs Ohio purchased a new stake in shares of Rexnord Corporation in the 2nd quarter valued at approximately $139,000. US Bancorp DE increased its position in shares of Rexnord Corporation by 79.9% in the 2nd quarter. US Bancorp DE now owns 6,074 shares of the industrial products company’s stock valued at $141,000 after purchasing an additional 2,697 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Rexnord Corporation in the 1st quarter valued at approximately $165,000. Finally, Karp Capital Management Corp purchased a new stake in shares of Rexnord Corporation in the 1st quarter valued at approximately $202,000.
In other Rexnord Corporation 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 transaction of $553,373.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.50% of the stock is owned by insiders.
A number of research analysts recently commented on RXN shares. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Rexnord Corporation in a research report on Thursday, September 28th. BidaskClub downgraded shares of Rexnord Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research raised shares of Rexnord Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Robert W. Baird set a $27.00 target price on shares of Rexnord Corporation and gave the company a “buy” rating in a research report on Thursday, August 24th. Finally, Janney Montgomery Scott started coverage on shares of 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 investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Rexnord Corporation presently has an average rating of “Hold” and an average price target of $26.00.
Shares of Rexnord Corporation (RXN) opened at 25.52 on Friday. The firm has a market cap of $2.65 billion, a PE ratio of 38.67 and a beta of 1.63. Rexnord Corporation has a 52 week low of $15.80 and a 52 week high of $26.11. The company’s 50-day moving average is $24.84 and its 200-day moving average is $23.77.
Rexnord Corporation (NYSE:RXN) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 earnings per share for the quarter, beating 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 firm had revenue of $487.70 million during the quarter, compared to analyst estimates of $484.20 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts forecast that Rexnord Corporation will post $1.26 EPS for the current fiscal year.
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About Rexnord Corporation
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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