BNP Paribas Arbitrage SA grew its stake in shares of Rexnord Corporation (NYSE:RXN) by 157.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,182 shares of the industrial products company’s stock after buying an additional 11,719 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Rexnord Corporation were worth $446,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in RXN. Strs Ohio bought a new stake in shares of Rexnord Corporation during the 2nd quarter worth about $139,000. US Bancorp DE raised its position in shares of Rexnord Corporation by 79.9% during the 2nd quarter. US Bancorp DE now owns 6,074 shares of the industrial products company’s stock worth $141,000 after buying an additional 2,697 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in shares of Rexnord Corporation during the 1st quarter worth about $165,000. Karp Capital Management Corp bought a new stake in shares of Rexnord Corporation during the 1st quarter worth about $202,000. Finally, Aperio Group LLC raised its position in shares of Rexnord Corporation by 11.9% during the 2nd quarter. Aperio Group LLC now owns 9,774 shares of the industrial products company’s stock worth $227,000 after buying an additional 1,043 shares in 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 transaction of $553,373.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 3.50% of the stock is owned by corporate insiders.
A number of research firms have commented on RXN. Robert W. Baird set a $27.00 price target on shares of Rexnord Corporation and gave the stock a “buy” rating in a research report on Thursday, August 24th. BidaskClub downgraded shares of Rexnord Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research downgraded shares of 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 shares of Rexnord Corporation in a research report on Friday, July 21st. They set a “buy” rating and a $27.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $26.00.
Shares of Rexnord Corporation (NYSE:RXN) opened at 24.52 on Friday. The firm’s 50 day moving average is $24.07 and its 200-day moving average is $23.48. Rexnord Corporation has a 52-week low of $15.80 and a 52-week high of $25.50. The company has a market capitalization of $2.54 billion, a P/E ratio of 37.15 and a beta of 1.68.
Rexnord Corporation (NYSE:RXN) last issued its quarterly earnings data 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 net margin of 4.22% and a return on equity of 14.27%. The firm had revenue of $487.70 million for the quarter, compared to analyst estimates of $484.20 million. During the same quarter in the prior year, the firm earned $0.35 EPS. The company’s revenue was up 3.4% on a year-over-year basis. Equities research analysts anticipate that Rexnord Corporation will post $1.27 earnings per share for the current fiscal year.
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.
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