Rexnord Corporation (RXN) Shares Sold by Fmr LLC
Fmr LLC reduced its holdings in Rexnord Corporation (NYSE:RXN) by 11.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,373,853 shares of the industrial products company’s stock after selling 791,503 shares during the quarter. Fmr LLC owned about 6.14% of Rexnord Corporation worth $148,192,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. Northern Trust Corp grew its position in shares of Rexnord Corporation by 14.4% in the second quarter. Northern Trust Corp now owns 1,288,551 shares of the industrial products company’s stock valued at $29,959,000 after purchasing an additional 162,667 shares during the last quarter. Citigroup Inc. grew its position in shares of Rexnord Corporation by 2,022.2% in the second quarter. Citigroup Inc. now owns 19,800 shares of the industrial products company’s stock valued at $460,000 after purchasing an additional 18,867 shares during the last quarter. Stevens Capital Management LP acquired a new stake in shares of Rexnord Corporation in the second quarter valued at about $370,000. Amalgamated Bank grew its position in shares of Rexnord Corporation by 28.5% in the second quarter. Amalgamated Bank now owns 13,138 shares of the industrial products company’s stock valued at $305,000 after purchasing an additional 2,916 shares during the last quarter. Finally, BlackRock Inc. grew its position in shares of Rexnord Corporation by 14.4% in the second quarter. BlackRock Inc. now owns 7,026,845 shares of the industrial products company’s stock valued at $163,374,000 after purchasing an additional 883,165 shares during the last quarter.
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In other Rexnord Corporation news, insider Michael Troutman sold 22,914 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $24.15, for a total value of $553,373.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.50% of the stock is owned by corporate insiders.
Several brokerages have recently issued reports on RXN. BidaskClub raised Rexnord Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. 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 on the stock. 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. Zacks Investment Research raised Rexnord Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Rexnord Corporation in a research report on Thursday, September 28th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $26.00.
Shares of Rexnord Corporation (NYSE RXN) opened at 25.65 on Friday. The firm has a market capitalization of $2.66 billion, a P/E ratio of 38.86 and a beta of 1.63. Rexnord Corporation has a 12 month low of $15.80 and a 12 month high of $26.11. The stock has a 50 day moving average price of $24.57 and a 200 day moving average price of $23.69.
Rexnord Corporation (NYSE:RXN) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.01. The firm had revenue of $487.70 million for the quarter, compared to analysts’ expectations of $484.20 million. Rexnord Corporation had a net margin of 4.22% and a return on equity of 14.27%. The business’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 EPS. On average, analysts expect that Rexnord Corporation will post $1.27 earnings per share for the current year.
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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