Impax Asset Management LTD Grows Stake in Rexnord Corp (RXN)
Impax Asset Management LTD lifted its position in shares of Rexnord Corp (NYSE:RXN) by 4.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,203,772 shares of the industrial products company’s stock after purchasing an additional 125,327 shares during the period. Rexnord comprises 2.5% of Impax Asset Management LTD’s investment portfolio, making the stock its 15th largest holding. Impax Asset Management LTD owned approximately 3.08% of Rexnord worth $81,408,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Verition Fund Management LLC boosted its holdings in Rexnord by 3.2% in the second quarter. Verition Fund Management LLC now owns 20,939 shares of the industrial products company’s stock valued at $487,000 after acquiring an additional 641 shares during the last quarter. California Public Employees Retirement System boosted its holdings in Rexnord by 0.3% in the second quarter. California Public Employees Retirement System now owns 230,400 shares of the industrial products company’s stock valued at $5,357,000 after acquiring an additional 800 shares during the last quarter. Aperio Group LLC boosted its holdings in Rexnord by 11.9% in the second quarter. Aperio Group LLC now owns 9,774 shares of the industrial products company’s stock valued at $227,000 after acquiring an additional 1,043 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in Rexnord by 27.7% in the second quarter. Ameritas Investment Partners Inc. now owns 9,142 shares of the industrial products company’s stock valued at $213,000 after acquiring an additional 1,981 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in Rexnord by 79.9% in the second quarter. US Bancorp DE now owns 6,074 shares of the industrial products company’s stock valued at $141,000 after acquiring an additional 2,697 shares during the last quarter.
In other Rexnord news, insider Michael Troutman sold 22,914 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $24.15, for a total value of $553,373.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.50% of the stock is currently owned by insiders.
Shares of Rexnord Corp (RXN) traded up $0.38 on Wednesday, reaching $24.28. The company’s stock had a trading volume of 1,442,800 shares, compared to its average volume of 906,557. Rexnord Corp has a 12-month low of $19.32 and a 12-month high of $26.24. The company has a debt-to-equity ratio of 1.37, a quick ratio of 2.23 and a current ratio of 3.08. The firm has a market capitalization of $2,477.57, a price-to-earnings ratio of 20.03, a PEG ratio of 1.90 and a beta of 1.65.
Rexnord (NYSE:RXN) last issued its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.01. Rexnord had a return on equity of 12.03% and a net margin of 4.45%. The firm had revenue of $510.80 million for the quarter, compared to analyst estimates of $505.75 million. During the same period in the previous year, the firm earned $0.38 earnings per share. The company’s revenue was up 4.0% compared to the same quarter last year. equities research analysts expect that Rexnord Corp will post 1.26 EPS for the current fiscal year.
Several analysts recently commented on RXN shares. Oppenheimer reiterated a “hold” rating on shares of Rexnord in a report on Thursday, September 28th. TheStreet cut Rexnord from a “b-” rating to a “c+” rating in a report on Wednesday, November 15th. BidaskClub cut Rexnord from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Zacks Investment Research upgraded Rexnord from a “sell” rating to a “hold” rating in a report on Monday, October 16th. Finally, Robert W. Baird set a $27.00 target price on Rexnord and gave the company a “buy” rating in a report on Thursday, August 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $26.00.
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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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