Rexnord Corp (RXN) Holdings Boosted by Rhumbline Advisers
Rhumbline Advisers grew its position in Rexnord Corp (NYSE:RXN) by 2.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 107,108 shares of the industrial products company’s stock after purchasing an additional 2,257 shares during the quarter. Rhumbline Advisers owned about 0.10% of Rexnord worth $3,113,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Moors & Cabot Inc. acquired a new position in shares of Rexnord in the first quarter valued at approximately $200,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Rexnord in the first quarter valued at approximately $208,000. Dorsey & Whitney Trust CO LLC acquired a new position in shares of Rexnord in the first quarter valued at approximately $233,000. US Bancorp DE grew its position in shares of Rexnord by 32.6% in the first quarter. US Bancorp DE now owns 8,095 shares of the industrial products company’s stock valued at $241,000 after purchasing an additional 1,992 shares during the last quarter. Finally, Element Capital Management LLC acquired a new position in shares of Rexnord in the first quarter valued at approximately $272,000.
Several research firms have recently commented on RXN. Oppenheimer upped their target price on Rexnord from $33.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, June 22nd. Bank of America upped their target price on Rexnord from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. KeyCorp upped their target price on Rexnord from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Tuesday, July 31st. Finally, Zacks Investment Research downgraded Rexnord from a “buy” rating to a “hold” rating in a research report on Thursday, May 17th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Rexnord currently has a consensus rating of “Buy” and a consensus price target of $32.67.
Rexnord (NYSE:RXN) last issued its quarterly earnings results on Monday, July 30th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.05. The business had revenue of $503.60 million for the quarter, compared to the consensus estimate of $505.18 million. Rexnord had a return on equity of 14.99% and a net margin of 2.34%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.27 earnings per share. analysts anticipate that Rexnord Corp will post 1.7 EPS for the current fiscal year.
Rexnord Company Profile
Rexnord Corporation designs, manufactures, and markets process and motion control, and water management products worldwide. It operates in two segments, Process & Motion Control Platform and Water Management Platform. The company offers table top conveying chain and related accessories, metal conveying and engineered woven metals, gearing and gear drives, conveying equipment, industrial chain, and custom assemblies; custom-engineered, application-specific miniature gearboxes, and motion control assemblies and components used in aerospace, defense, medical equipment, robotics, semiconductor, instrumentation, and satellite communications; and shaft management products, including couplings, torque limiters, electromagnetic clutches and brakes, industrial bearings, and shaft locking assemblies.
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