Rexnord Corporation (RXN) Shares Bought by The Manufacturers Life Insurance Company
The Manufacturers Life Insurance Company raised its position in shares of Rexnord Corporation (NYSE:RXN) by 23.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,761 shares of the industrial products company’s stock after acquiring an additional 14,936 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.08% of Rexnord Corporation worth $1,854,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Manchester Capital Management LLC raised its holdings in shares of Rexnord Corporation by 171.6% during the second quarter. Manchester Capital Management LLC now owns 5,540 shares of the industrial products company’s stock valued at $129,000 after acquiring an additional 3,500 shares during the last quarter. Strs Ohio acquired a new position in shares of Rexnord Corporation during the second quarter valued at approximately $139,000. US Bancorp DE raised its holdings in shares of Rexnord Corporation by 79.9% during 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. Karp Capital Management Corp acquired a new position in shares of Rexnord Corporation during the first quarter valued at approximately $202,000. Finally, MUFG Americas Holdings Corp acquired a new position in shares of Rexnord Corporation during the second quarter valued at approximately $211,000.
In related 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 value of $553,373.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.50% of the company’s stock.
Rexnord Corporation (NYSE RXN) opened at $25.03 on Tuesday. The firm has a market capitalization of $2,631.38, a P/E ratio of 21.28, a P/E/G ratio of 2.03 and a beta of 1.65. Rexnord Corporation has a 52-week low of $17.00 and a 52-week high of $26.24. The company has a debt-to-equity ratio of 1.37, a current ratio of 3.08 and a quick ratio of 2.23.
Rexnord Corporation (NYSE:RXN) last issued its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.01. The company had revenue of $510.80 million during the quarter, compared to analyst estimates of $505.75 million. Rexnord Corporation had a return on equity of 12.03% and a net margin of 4.45%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.38 earnings per share. analysts anticipate that Rexnord Corporation will post 1.25 EPS for the current fiscal year.
A number of research firms have recently issued reports on RXN. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Rexnord Corporation in a research report on Thursday, September 28th. Robert W. Baird set a $27.00 price target on Rexnord Corporation and gave the company a “buy” rating in a research report on Thursday, August 24th. BidaskClub lowered Rexnord Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research lowered Rexnord Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Janney Montgomery Scott began coverage on Rexnord Corporation in a research report on Friday, July 21st. They issued a “buy” rating and a $27.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. Rexnord Corporation presently has an average rating of “Hold” and an average target price of $26.00.
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About Rexnord Corporation
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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