Rexnord Corporation (RXN) Stake Increased by Nationwide Fund Advisors
Nationwide Fund Advisors grew its holdings in Rexnord Corporation (NYSE:RXN) by 60.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,318 shares of the industrial products company’s stock after buying an additional 41,106 shares during the quarter. Nationwide Fund Advisors owned about 0.11% of Rexnord Corporation worth $2,542,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of RXN. BlackRock Inc. increased its stake in Rexnord Corporation by 11,563.1% in the 1st quarter. BlackRock Inc. now owns 6,143,680 shares of the industrial products company’s stock valued at $141,795,000 after purchasing an additional 6,091,004 shares in the last quarter. Wellington Management Group LLP increased its stake in Rexnord Corporation by 292.1% in the 1st quarter. Wellington Management Group LLP now owns 1,925,739 shares of the industrial products company’s stock valued at $44,446,000 after purchasing an additional 1,434,614 shares in the last quarter. Vanguard Group Inc. increased its stake in Rexnord Corporation by 6.3% in the 1st quarter. Vanguard Group Inc. now owns 8,282,119 shares of the industrial products company’s stock valued at $191,151,000 after purchasing an additional 487,513 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Rexnord Corporation in the 1st quarter valued at approximately $11,247,000. Finally, GCA Investment Management LLC increased its stake in Rexnord Corporation by 98.7% in the 2nd quarter. GCA Investment Management LLC now owns 863,117 shares of the industrial products company’s stock valued at $20,067,000 after purchasing an additional 428,699 shares in the last quarter.
Several equities analysts have weighed in on RXN shares. Zacks Investment Research downgraded Rexnord Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Janney Montgomery Scott started coverage on Rexnord Corporation in a research report on Friday, July 21st. They set a “buy” rating and a $27.00 price target for the company. BidaskClub downgraded Rexnord Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Robert W. Baird set a $27.00 price target on Rexnord Corporation and gave the stock a “buy” rating in a research report on Thursday, August 24th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Rexnord Corporation in a research report on Thursday, September 28th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $26.00.
In related news, insider Michael Troutman sold 22,914 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $24.15, for a total value of $553,373.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.50% of the company’s stock.
Rexnord Corporation (RXN) opened at 26.00 on Friday. The company has a 50-day moving average price of $24.91 and a 200-day moving average price of $23.79. The firm has a market cap of $2.70 billion, a PE ratio of 39.39 and a beta of 1.63. Rexnord Corporation has a one year low of $15.80 and a one year high of $26.24.
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 Thomson Reuters’ 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 business had revenue of $487.70 million during the quarter, compared to analysts’ expectations of $484.20 million. During the same quarter last year, the company earned $0.35 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis. Equities analysts predict that Rexnord Corporation will post $1.26 earnings per share for the current fiscal 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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