Elk Creek Partners LLC lowered its stake in shares of Rexnord Corporation (NYSE:RXN) by 3.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 469,172 shares of the industrial products company’s stock after selling 18,049 shares during the quarter. Elk Creek Partners LLC owned about 0.45% of Rexnord Corporation worth $10,908,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of RXN. Manchester Capital Management LLC boosted its holdings in shares of Rexnord Corporation by 171.6% in the 2nd quarter. Manchester Capital Management LLC now owns 5,540 shares of the industrial products company’s stock valued at $129,000 after purchasing an additional 3,500 shares in the last quarter. Strs Ohio acquired a new stake in shares of Rexnord Corporation in the 2nd quarter valued at $139,000. US Bancorp DE boosted its holdings in shares of Rexnord Corporation by 79.9% in the 2nd quarter. US Bancorp DE now owns 6,074 shares of the industrial products company’s stock valued at $141,000 after purchasing an additional 2,697 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Rexnord Corporation in the 1st quarter valued at $165,000. Finally, Karp Capital Management Corp acquired a new stake in shares of Rexnord Corporation in the 1st quarter valued at $202,000.
RXN has been the topic of a number of research analyst reports. Janney Montgomery Scott initiated coverage on Rexnord Corporation in a report on Friday, July 21st. They issued a “buy” rating and a $27.00 target price on the stock. Zacks Investment Research downgraded Rexnord Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Robert W. Baird set a $27.00 target price on Rexnord Corporation and gave the company a “buy” rating in a report on Thursday, August 24th. Finally, BidaskClub raised Rexnord Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $26.00.
Shares of Rexnord Corporation (NYSE RXN) traded down 1.92% on Friday, hitting $24.52. The stock had a trading volume of 2,881,018 shares. Rexnord Corporation has a 1-year low of $15.80 and a 1-year high of $25.50. The company has a market capitalization of $2.54 billion, a PE ratio of 37.15 and a beta of 1.68. The firm has a 50-day moving average of $24.07 and a 200 day moving average of $23.48.
Rexnord Corporation (NYSE:RXN) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. The firm had revenue of $487.70 million during the quarter, compared to analyst estimates of $484.20 million. Rexnord Corporation had a net margin of 4.22% and a return on equity of 14.27%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 EPS. On average, equities analysts anticipate that Rexnord Corporation will post $1.27 earnings per share for the current fiscal year.
In related news, insider Michael Troutman sold 22,914 shares of the company’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $24.15, for a total value of $553,373.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.50% of the stock is owned by insiders.
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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