Rhumbline Advisers Has $4.48 Million Holdings in Rexnord Corp (NYSE:RXN)
Rhumbline Advisers increased its stake in shares of Rexnord Corp (NYSE:RXN) by 6.3% in the third quarter, Holdings Channel reports. The firm owned 165,678 shares of the industrial products company’s stock after buying an additional 9,869 shares during the quarter. Rhumbline Advisers’ holdings in Rexnord were worth $4,482,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in RXN. Nuveen Asset Management LLC acquired a new stake in shares of Rexnord during the second quarter worth $34,374,000. Invesco Ltd. grew its stake in shares of Rexnord by 110.6% during the second quarter. Invesco Ltd. now owns 2,021,777 shares of the industrial products company’s stock worth $61,098,000 after purchasing an additional 1,061,680 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Rexnord by 28.8% during the second quarter. Bank of New York Mellon Corp now owns 2,392,160 shares of the industrial products company’s stock worth $72,292,000 after purchasing an additional 534,335 shares during the period. Fort Washington Investment Advisors Inc. OH grew its stake in shares of Rexnord by 390.0% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 490,000 shares of the industrial products company’s stock worth $14,808,000 after purchasing an additional 390,000 shares during the period. Finally, Sandbar Asset Management LLP grew its stake in shares of Rexnord by 337.6% during the second quarter. Sandbar Asset Management LLP now owns 337,461 shares of the industrial products company’s stock worth $10,198,000 after purchasing an additional 260,347 shares during the period.
Several research analysts have weighed in on RXN shares. Robert W. Baird lowered Rexnord from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $33.00 to $29.00 in a report on Tuesday, September 3rd. Zacks Investment Research lowered Rexnord from a “hold” rating to a “sell” rating and set a $27.00 target price on the stock. in a report on Friday, October 11th. Bank of America lowered Rexnord from a “buy” rating to an “underperform” rating in a report on Friday, July 12th. Barclays reiterated a “hold” rating and set a $29.00 target price on shares of Rexnord in a report on Friday, October 4th. Finally, Deutsche Bank started coverage on Rexnord in a report on Wednesday, August 14th. They set a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $29.00.
RXN stock opened at $30.58 on Friday. The business’s 50-day moving average price is $27.57 and its two-hundred day moving average price is $27.90. The company has a current ratio of 2.94, a quick ratio of 1.94 and a debt-to-equity ratio of 0.95. The firm has a market cap of $3.21 billion, a PE ratio of 16.53, a P/E/G ratio of 1.75 and a beta of 1.58. Rexnord Corp has a 1-year low of $21.38 and a 1-year high of $31.80.
Rexnord (NYSE:RXN) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.04. The firm had revenue of $521.30 million for the quarter, compared to analyst estimates of $524.39 million. Rexnord had a return on equity of 19.40% and a net margin of 8.56%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. On average, analysts forecast that Rexnord Corp will post 1.98 earnings per share for the current year.
Rexnord Company Profile
Rexnord Corp. engages in the manufacture of engineered power transmission, aerospace, and other precision motion technology products. It operates through the Process and Motion Control, and Water Management segments. The Process and Motion Control segment designs, manufactures and markets engineered mechanical components such as gears, couplings, industrial, aerospace bearings, and seals which are used within complex systems.
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