Nordea Investment Management AB grew its holdings in shares of Rexnord Corp (NYSE:RXN) by 11.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 87,939 shares of the industrial products company’s stock after acquiring an additional 8,744 shares during the quarter. Nordea Investment Management AB owned about 0.08% of Rexnord worth $2,235,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in RXN. Aperio Group LLC lifted its position in Rexnord by 11.9% in 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 during the last quarter. US Bancorp DE lifted its position in Rexnord by 79.9% in 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 during the last quarter. Strs Ohio bought a new stake in Rexnord in the 2nd quarter worth approximately $139,000. Sei Investments Co. lifted its position in Rexnord by 4.5% in the 2nd quarter. Sei Investments Co. now owns 236,671 shares of the industrial products company’s stock worth $5,503,000 after buying an additional 10,268 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in Rexnord by 10.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 609,617 shares of the industrial products company’s stock worth $14,174,000 after buying an additional 58,128 shares during the last quarter.
Shares of Rexnord Corp (NYSE RXN) traded down $0.39 during mid-day trading on Thursday, reaching $24.54. The company’s stock had a trading volume of 608,100 shares, compared to its average volume of 913,230. The company has a quick ratio of 2.23, a current ratio of 3.08 and a debt-to-equity ratio of 1.37. Rexnord Corp has a 12-month low of $19.32 and a 12-month high of $26.24. The company has a market capitalization of $2,590.85, a P/E ratio of 20.95, a P/E/G ratio of 1.99 and a beta of 1.65.
In other Rexnord news, insider Michael Troutman sold 22,914 shares of the business’s 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.50% of the company’s stock.
Several analysts have weighed in on RXN shares. Robert W. Baird set a $27.00 price objective on Rexnord and gave the company a “buy” rating in a research report on Thursday, August 24th. Oppenheimer reiterated a “hold” rating on shares of Rexnord in a research report on Thursday, September 28th. Zacks Investment Research upgraded Rexnord from a “sell” rating to a “hold” rating in a research report on Monday, October 16th. Finally, TheStreet downgraded Rexnord from a “b-” rating to a “c+” rating in a research report on Wednesday, November 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Rexnord presently has a consensus rating of “Hold” and a consensus price target of $27.00.
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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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