Nordea Investment Management AB Sells 136,680 Shares of Rexnord Corporation (RXN)
Nordea Investment Management AB lessened its stake in Rexnord Corporation (NYSE:RXN) by 63.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 79,195 shares of the industrial products company’s stock after selling 136,680 shares during the quarter. Nordea Investment Management AB owned 0.08% of Rexnord Corporation worth $1,841,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Manchester Capital Management LLC boosted its stake in shares of Rexnord Corporation by 171.6% in the 2nd quarter. Manchester Capital Management LLC now owns 5,540 shares of the industrial products company’s stock valued at $129,000 after buying an additional 3,500 shares during the period. Strs Ohio purchased a new position in shares of Rexnord Corporation in the 2nd quarter valued at about $139,000. US Bancorp DE boosted its stake in shares of Rexnord Corporation by 79.9% in the 2nd quarter. US Bancorp DE now owns 6,074 shares of the industrial products company’s stock valued at $141,000 after buying an additional 2,697 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Rexnord Corporation in the 1st quarter valued at about $165,000. Finally, Karp Capital Management Corp purchased a new position in shares of Rexnord Corporation in the 1st quarter valued at about $202,000.
In other Rexnord Corporation news, insider Michael Troutman sold 22,914 shares of the stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $24.15, for a total transaction of $553,373.10. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 3.50% of the company’s stock.
Shares of Rexnord Corporation (NYSE:RXN) opened at 25.65 on Friday. The stock has a market cap of $2.66 billion, a PE ratio of 38.86 and a beta of 1.63. Rexnord Corporation has a 1-year low of $15.80 and a 1-year high of $26.11. The company’s 50-day moving average price is $24.57 and its 200 day moving average price is $23.69.
Rexnord Corporation (NYSE:RXN) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. Rexnord Corporation had a return on equity of 14.27% and a net margin of 4.22%. The company had revenue of $487.70 million for the quarter, compared to the consensus estimate of $484.20 million. During the same quarter last year, the business posted $0.35 EPS. Rexnord Corporation’s quarterly revenue was up 3.4% compared to the same quarter last year. Equities analysts forecast that Rexnord Corporation will post $1.27 EPS for the current fiscal year.
Several brokerages have recently issued reports on RXN. Zacks Investment Research upgraded Rexnord Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. BidaskClub cut Rexnord Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Robert W. Baird set a $27.00 price objective on Rexnord Corporation and gave the company a “buy” rating in a research note on Thursday, August 24th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Rexnord Corporation in a research note on Thursday, September 28th. Finally, Janney Montgomery Scott began coverage on Rexnord Corporation in a research note on Friday, July 21st. They issued a “buy” rating and a $27.00 price objective for the company. One equities 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 company. Rexnord Corporation has a consensus rating of “Hold” and a consensus target price of $26.00.
TRADEMARK VIOLATION WARNING: “Nordea Investment Management AB Sells 136,680 Shares of Rexnord Corporation (RXN)” was posted by Watch List News and is the sole property of of Watch List News. If you are reading this piece of content on another site, it was stolen and reposted in violation of United States and international copyright & trademark law. The original version of this piece of content can be accessed at https://www.watchlistnews.com/nordea-investment-management-ab-sells-136680-shares-of-rexnord-corporation-rxn/1612204.html.
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.
Receive News & Ratings for Rexnord Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rexnord Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.