Short Interest in Rexnord Corp (NYSE:RXN) Rises By 20.8%
Rexnord Corp (NYSE:RXN) was the recipient of a significant increase in short interest in October. As of October 31st, there was short interest totalling 7,480,000 shares, an increase of 20.8% from the September 30th total of 6,190,000 shares. Currently, 7.1% of the company’s shares are short sold. Based on an average trading volume of 941,200 shares, the short-interest ratio is currently 7.9 days.
Shares of RXN traded down $0.23 during midday trading on Thursday, hitting $30.07. The stock had a trading volume of 1,332,698 shares, compared to its average volume of 742,915. The company has a 50 day simple moving average of $27.92 and a two-hundred day simple moving average of $27.97. Rexnord has a twelve month low of $21.38 and a twelve month high of $31.80. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 1.79 and a beta of 1.58. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.94 and a quick ratio of 1.94.
Rexnord (NYSE:RXN) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.04. Rexnord had a return on equity of 19.40% and a net margin of 8.56%. The firm had revenue of $521.30 million for the quarter, compared to the consensus estimate of $524.39 million. During the same quarter last year, the business posted $0.46 EPS. The company’s revenue for the quarter was down .7% on a year-over-year basis. Analysts forecast that Rexnord will post 1.98 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in RXN. BlackRock Inc. increased its position in shares of Rexnord by 2.0% in the second quarter. BlackRock Inc. now owns 8,031,257 shares of the industrial products company’s stock valued at $242,704,000 after acquiring an additional 160,009 shares during the last quarter. Impax Asset Management Group plc increased its position in shares of Rexnord by 5.7% in the second quarter. Impax Asset Management Group plc now owns 4,290,017 shares of the industrial products company’s stock valued at $129,644,000 after acquiring an additional 231,562 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Rexnord by 4.4% in the second quarter. Wells Fargo & Company MN now owns 2,514,920 shares of the industrial products company’s stock valued at $76,000,000 after acquiring an additional 106,454 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Rexnord by 28.8% in the second quarter. Bank of New York Mellon Corp now owns 2,392,160 shares of the industrial products company’s stock valued at $72,292,000 after acquiring an additional 534,335 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its position in shares of Rexnord by 2.4% in the third quarter. TimesSquare Capital Management LLC now owns 2,048,900 shares of the industrial products company’s stock valued at $55,423,000 after acquiring an additional 48,833 shares during the last quarter.
Several research firms have issued reports on RXN. Barclays reissued a “hold” rating and issued a $29.00 price target on shares of Rexnord in a research note on Friday, October 4th. Robert W. Baird downgraded Rexnord from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $33.00 to $29.00 in a research note on Tuesday, September 3rd. Zacks Investment Research downgraded Rexnord from a “hold” rating to a “sell” rating and set a $27.00 price target on the stock. in a research note on Friday, October 11th. Finally, Deutsche Bank began coverage on Rexnord in a research note on Wednesday, August 14th. They issued a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $29.00.
Rexnord Company Profile
Rexnord Corp. engages in the manufacture of engineered power transmission, aerospace, and other precision motion technology products. It operates through the Process and Motion Control, and Water Management segments. The Process and Motion Control segment designs, manufactures and markets engineered mechanical components such as gears, couplings, industrial, aerospace bearings, and seals which are used within complex systems.
Further Reading: Gross Domestic Product (GDP)
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