Royce & Associates LP Has $2 Million Position in Rexnord Corp (RXN)
Royce & Associates LP lifted its stake in shares of Rexnord Corp (NYSE:RXN) by 23.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,500 shares of the industrial products company’s stock after buying an additional 15,000 shares during the period. Royce & Associates LP owned about 0.08% of Rexnord worth $1,995,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Manchester Capital Management LLC boosted its position in Rexnord by 171.6% in the second quarter. Manchester Capital Management LLC now owns 5,540 shares of the industrial products company’s stock worth $129,000 after purchasing an additional 3,500 shares during the last quarter. Strs Ohio purchased a new position in Rexnord in the second quarter worth $139,000. US Bancorp DE boosted its position in Rexnord by 79.9% in the second quarter. US Bancorp DE now owns 6,074 shares of the industrial products company’s stock worth $141,000 after purchasing an additional 2,697 shares during the last quarter. MUFG Americas Holdings Corp purchased a new position in Rexnord in the second quarter worth $211,000. Finally, Parametrica Management Ltd purchased a new position in Rexnord in the third quarter worth $212,000.
RXN has been the topic of several research analyst reports. Robert W. Baird set a $27.00 price objective on Rexnord and gave the stock a “buy” rating in a research report on Thursday, August 24th. Oppenheimer reissued a “hold” rating on shares of Rexnord in a research report on Thursday, September 28th. Zacks Investment Research raised Rexnord from a “sell” rating to a “hold” rating in a research report on Monday, October 16th. Finally, TheStreet cut Rexnord from a “b-” rating to a “c+” rating in a research report on Wednesday, November 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $27.00.
Rexnord (NYSE:RXN) last issued its earnings results on Wednesday, November 1st. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.01. The firm had revenue of $510.80 million for the quarter, compared to analyst estimates of $505.75 million. Rexnord had a return on equity of 12.03% and a net margin of 4.45%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 earnings per share. equities research analysts predict that Rexnord Corp will post 1.25 EPS for the current year.
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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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