Rexnord Corporation (RXN) Position Increased by California Public Employees Retirement System
California Public Employees Retirement System increased its holdings in Rexnord Corporation (NYSE:RXN) by 0.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 230,400 shares of the industrial products company’s stock after purchasing an additional 800 shares during the quarter. California Public Employees Retirement System owned approximately 0.22% of Rexnord Corporation worth $5,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of RXN. BlackRock Inc. grew its stake in shares of Rexnord Corporation by 11,563.1% in the first quarter. BlackRock Inc. now owns 6,143,680 shares of the industrial products company’s stock worth $141,795,000 after purchasing an additional 6,091,004 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Rexnord Corporation by 292.1% in the first quarter. Wellington Management Group LLP now owns 1,925,739 shares of the industrial products company’s stock worth $44,446,000 after purchasing an additional 1,434,614 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Rexnord Corporation by 6.3% in the first quarter. Vanguard Group Inc. now owns 8,282,119 shares of the industrial products company’s stock worth $191,151,000 after purchasing an additional 487,513 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Rexnord Corporation in the first quarter worth about $11,247,000. Finally, GCA Investment Management LLC grew its stake in shares of Rexnord Corporation by 98.7% in the second quarter. GCA Investment Management LLC now owns 863,117 shares of the industrial products company’s stock worth $20,067,000 after purchasing an additional 428,699 shares during the last quarter.
Shares of Rexnord Corporation (NYSE RXN) opened at 25.69 on Wednesday. Rexnord Corporation has a 52-week low of $15.80 and a 52-week high of $26.24. The company has a market capitalization of $2.67 billion, a PE ratio of 38.92 and a beta of 1.63. The firm’s 50-day moving average price is $24.94 and its 200 day moving average price is $23.81.
Rexnord Corporation (NYSE:RXN) last posted its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.01. The business had revenue of $487.70 million during the quarter, compared to analysts’ expectations of $484.20 million. Rexnord Corporation had a net margin of 4.22% and a return on equity of 14.27%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company posted $0.35 earnings per share. On average, equities analysts forecast that Rexnord Corporation will post $1.27 earnings per share for the current year.
Several analysts recently issued reports on RXN shares. Janney Montgomery Scott started coverage on Rexnord Corporation in a research note on Friday, July 21st. They issued a “buy” rating and a $27.00 target price on the stock. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Rexnord Corporation in a research note on Thursday, September 28th. Zacks Investment Research cut 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 target price on Rexnord Corporation and gave the stock a “buy” rating in a research note on Thursday, August 24th. Finally, BidaskClub cut Rexnord Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $26.00.
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In related news, insider Michael Troutman sold 22,914 shares of the firm’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.50% of the company’s stock.
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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