JPMorgan Chase & Co. Decreases Stake in Rexnord Corp (RXN)
JPMorgan Chase & Co. cut its holdings in Rexnord Corp (NYSE:RXN) by 85.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 81,949 shares of the industrial products company’s stock after selling 500,986 shares during the period. JPMorgan Chase & Co.’s holdings in Rexnord were worth $2,088,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Legal & General Group Plc boosted its stake in Rexnord by 12.6% during the 3rd quarter. Legal & General Group Plc now owns 81,501 shares of the industrial products company’s stock valued at $2,074,000 after purchasing an additional 9,125 shares during the period. Manchester Capital Management LLC boosted its stake in Rexnord by 159.6% during the 3rd quarter. Manchester Capital Management LLC now owns 14,380 shares of the industrial products company’s stock valued at $365,000 after purchasing an additional 8,840 shares during the period. Nordea Investment Management AB boosted its stake in Rexnord by 11.0% during the 3rd quarter. Nordea Investment Management AB now owns 87,939 shares of the industrial products company’s stock valued at $2,235,000 after purchasing an additional 8,744 shares during the period. American International Group Inc. boosted its stake in Rexnord by 8.1% during the 3rd quarter. American International Group Inc. now owns 69,829 shares of the industrial products company’s stock valued at $1,774,000 after purchasing an additional 5,221 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Rexnord during the 3rd quarter valued at about $1,232,000.
A number of research firms have issued reports on RXN. Zacks Investment Research lowered shares of Rexnord from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Oppenheimer restated a “hold” rating on shares of Rexnord in a research report on Thursday, September 28th. Finally, TheStreet downgraded shares of Rexnord from a “b-” rating to a “c+” rating in a research report on Wednesday, November 15th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $27.00.
Shares of Rexnord Corp (RXN) opened at $26.33 on Monday. Rexnord Corp has a 52-week low of $20.41 and a 52-week high of $26.52. The company has a market cap of $2,736.35, a PE ratio of 39.89, a price-to-earnings-growth ratio of 2.10 and a beta of 1.65. The company has a debt-to-equity ratio of 1.37, a quick ratio of 2.23 and a current ratio of 3.08.
Rexnord (NYSE:RXN) last released its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Rexnord had a net margin of 4.45% and a return on equity of 12.03%. The company had revenue of $510.80 million for the quarter, compared to the consensus estimate of $505.75 million. During the same period in the previous year, the firm earned $0.38 EPS. Rexnord’s revenue was up 4.0% on a year-over-year basis. sell-side analysts anticipate that Rexnord Corp will post 1.25 earnings per share for the current fiscal year.
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.
Want to see what other hedge funds are holding RXN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rexnord Corp (NYSE:RXN).
Receive News & Ratings for Rexnord Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rexnord and related companies with Analyst Ratings Network's FREE daily email newsletter.