Rexnord Corp (RXN) Shares Bought by Fmr LLC

Fmr LLC boosted its position in Rexnord Corp (NYSE:RXN) by 21.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,238,342 shares of the industrial products company’s stock after acquiring an additional 1,089,253 shares during the quarter. Fmr LLC owned 5.97% of Rexnord worth $181,286,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NJ State Employees Deferred Compensation Plan increased its stake in Rexnord by 42.9% in the second quarter. NJ State Employees Deferred Compensation Plan now owns 20,000 shares of the industrial products company’s stock valued at $581,000 after acquiring an additional 6,000 shares during the last quarter. Wells Fargo & Company MN increased its stake in Rexnord by 5.6% in the second quarter. Wells Fargo & Company MN now owns 2,172,269 shares of the industrial products company’s stock valued at $63,126,000 after acquiring an additional 116,164 shares during the last quarter. Adams Diversified Equity Fund Inc. bought a new position in Rexnord in the second quarter valued at $750,000. Paradigm Capital Management Inc. NY increased its stake in Rexnord by 64.8% in the second quarter. Paradigm Capital Management Inc. NY now owns 68,400 shares of the industrial products company’s stock valued at $1,988,000 after acquiring an additional 26,900 shares during the last quarter. Finally, Robecosam AG bought a new position in Rexnord in the second quarter valued at $11,057,000.

In related news, Director Theodore D. Crandall acquired 4,000 shares of Rexnord stock in a transaction dated Thursday, November 1st. The shares were purchased at an average cost of $27.84 per share, with a total value of $111,360.00. Following the completion of the purchase, the director now owns 20,330 shares of the company’s stock, valued at $565,987.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. 4.50% of the stock is currently owned by company insiders.

A number of research analysts recently commented on the company. ValuEngine cut Rexnord from a “buy” rating to a “hold” rating in a research note on Thursday, October 18th. TheStreet cut Rexnord from a “b” rating to a “c+” rating in a research note on Thursday, October 25th. Oppenheimer reissued a “buy” rating and issued a $35.00 target price on shares of Rexnord in a research note on Monday, July 30th. Goldman Sachs Group initiated coverage on Rexnord in a research note on Tuesday, October 2nd. They set a “neutral” rating and a $31.00 price objective on the stock. Finally, KeyCorp raised their price objective on Rexnord from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Tuesday, July 31st. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $32.71.

Shares of NYSE:RXN opened at $28.32 on Friday. Rexnord Corp has a 12-month low of $22.89 and a 12-month high of $32.11. The stock has a market cap of $2.96 billion, a PE ratio of 17.06, a P/E/G ratio of 1.00 and a beta of 1.48. The company has a current ratio of 2.23, a quick ratio of 1.62 and a debt-to-equity ratio of 1.17.

Rexnord (NYSE:RXN) last announced its quarterly earnings data on Tuesday, October 30th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.04. Rexnord had a positive return on equity of 16.99% and a negative net margin of 0.89%. The firm had revenue of $524.80 million for the quarter, compared to analysts’ expectations of $516.66 million. During the same period last year, the firm earned $0.32 earnings per share. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, analysts anticipate that Rexnord Corp will post 1.75 EPS for the current year.

Rexnord Company Profile

Rexnord Corporation designs, manufactures, and markets process and motion control, and water management products worldwide. It operates in two segments, Process & Motion Control Platform and Water Management Platform. The company offers table top conveying chain and related accessories, metal conveying and engineered woven metals, gearing and gear drives, conveying equipment, industrial chain, and custom assemblies; custom-engineered, application-specific miniature gearboxes, and motion control assemblies and components used in aerospace, defense, medical equipment, robotics, semiconductor, instrumentation, and satellite communications; and shaft management products, including couplings, torque limiters, electromagnetic clutches and brakes, industrial bearings, and shaft locking assemblies.

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Institutional Ownership by Quarter for Rexnord (NYSE:RXN)

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