Rothschild & Co. Asset Management US Inc. raised its stake in shares of Rexnord Co. (NYSE:RXN) by 27.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,069,909 shares of the industrial products company’s stock after acquiring an additional 231,910 shares during the quarter. Rothschild & Co. Asset Management US Inc. owned approximately 0.89% of Rexnord worth $31,926,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of RXN. Parallel Advisors LLC bought a new stake in Rexnord during the 3rd quarter worth about $32,000. Harbor Investment Advisory LLC grew its stake in Rexnord by 142.2% in the third quarter. Harbor Investment Advisory LLC now owns 1,373 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 806 shares during the period. Ellevest Inc. acquired a new stake in Rexnord in the third quarter valued at approximately $41,000. State of Alaska Department of Revenue grew its stake in Rexnord by 100.6% in the third quarter. State of Alaska Department of Revenue now owns 3,015 shares of the industrial products company’s stock valued at $89,000 after acquiring an additional 1,512 shares during the period. Finally, Stephenson National Bank & Trust acquired a new stake in Rexnord in the third quarter valued at approximately $97,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.
In other Rexnord news, CFO Mark W. Peterson sold 13,439 shares of the company’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $34.92, for a total value of $469,289.88. Following the sale, the chief financial officer now directly owns 75,120 shares of the company’s stock, valued at $2,623,190.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Patricia M. Whaley sold 33,849 shares of the company’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $34.30, for a total transaction of $1,161,020.70. Following the completion of the sale, the general counsel now directly owns 110,816 shares in the company, valued at $3,800,988.80. The disclosure for this sale can be found here. Insiders have sold 72,288 shares of company stock worth $2,505,311 over the last three months. Corporate insiders own 3.50% of the company’s stock.
NYSE:RXN traded down $0.63 during trading hours on Tuesday, reaching $37.83. The company’s stock had a trading volume of 2,762 shares, compared to its average volume of 837,714. The company has a market capitalization of $4.63 billion, a P/E ratio of 28.07, a price-to-earnings-growth ratio of 2.69 and a beta of 1.45. Rexnord Co. has a 12 month low of $18.87 and a 12 month high of $39.46. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.65 and a current ratio of 2.52. The stock has a 50 day moving average price of $32.65 and a two-hundred day moving average price of $30.08.
Rexnord (NYSE:RXN) last issued its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.10. Rexnord had a net margin of 8.42% and a return on equity of 17.52%. As a group, analysts predict that Rexnord Co. will post 1.74 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 7th. Stockholders of record on Friday, November 20th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Thursday, November 19th. Rexnord’s dividend payout ratio (DPR) is presently 15.92%.
Several analysts have issued reports on RXN shares. KeyCorp boosted their target price on Rexnord from $36.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. ValuEngine upgraded Rexnord from a “sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Oppenheimer raised their price target on Rexnord from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Deutsche Bank Aktiengesellschaft raised their target price on Rexnord from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Finally, Zacks Investment Research raised Rexnord from a “hold” rating to a “strong-buy” rating and set a $34.00 target price on the stock in a report on Friday, July 31st. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $34.71.
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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