King Luther Capital Management Corp Purchases 40,150 Shares of Rexnord Corp (RXN)
King Luther Capital Management Corp lifted its position in shares of Rexnord Corp (NYSE:RXN) by 41.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 136,715 shares of the industrial products company’s stock after purchasing an additional 40,150 shares during the period. King Luther Capital Management Corp’s holdings in Rexnord were worth $4,211,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Renaissance Technologies LLC bought a new position in shares of Rexnord during the third quarter worth approximately $13,173,000. JPMorgan Chase & Co. increased its stake in shares of Rexnord by 10.3% during the third quarter. JPMorgan Chase & Co. now owns 85,370 shares of the industrial products company’s stock worth $2,630,000 after purchasing an additional 7,996 shares during the period. Allianz Asset Management GmbH bought a new position in shares of Rexnord during the third quarter worth approximately $7,420,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Rexnord during the third quarter worth approximately $827,000. Finally, Broadview Advisors LLC grew its position in Rexnord by 2.5% during the third quarter. Broadview Advisors LLC now owns 377,775 shares of the industrial products company’s stock worth $11,635,000 after buying an additional 9,050 shares in the last quarter.
A number of equities research analysts recently issued reports on the company. Oppenheimer increased their price target on Rexnord from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, October 10th. ValuEngine raised Rexnord from a “hold” rating to a “buy” rating in a research report on Friday, November 16th. Goldman Sachs Group assumed coverage on Rexnord in a research report on Tuesday, October 2nd. They set a “neutral” rating and a $31.00 price target on the stock. Zacks Investment Research downgraded Rexnord from a “buy” rating to a “hold” rating in a research report on Tuesday, November 20th. Finally, Credit Suisse Group reissued a “neutral” rating and set a $31.00 price target on shares of Rexnord in a research report on Friday, November 23rd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $32.63.
Shares of NYSE:RXN opened at $25.62 on Friday. The company has a market cap of $2.77 billion, a P/E ratio of 15.93, a P/E/G ratio of 0.92 and a beta of 1.49. Rexnord Corp has a 1 year low of $23.75 and a 1 year high of $32.11. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.50 and a current ratio of 2.23.
Rexnord (NYSE:RXN) last issued its quarterly earnings results on Tuesday, October 30th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.04. The business had revenue of $524.80 million for the quarter, compared to the consensus estimate of $516.66 million. Rexnord had a positive return on equity of 16.99% and a negative net margin of 0.89%. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 earnings per share. On average, analysts anticipate that Rexnord Corp will post 1.75 EPS for the current fiscal year.
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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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