Elk Creek Partners LLC Cuts Stake in Rexnord Corporation (NYSE:RXN)

Elk Creek Partners LLC cut its stake in shares of Rexnord Corporation (NYSE:RXN) by 3.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 469,172 shares of the industrial products company’s stock after selling 18,049 shares during the period. Elk Creek Partners LLC owned 0.45% of Rexnord Corporation worth $10,908,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of RXN. Manchester Capital Management LLC lifted its position in shares of Rexnord Corporation by 171.6% in the second quarter. Manchester Capital Management LLC now owns 5,540 shares of the industrial products company’s stock valued at $129,000 after buying an additional 3,500 shares during the last quarter. Strs Ohio acquired a new stake in shares of Rexnord Corporation in the second quarter valued at approximately $139,000. US Bancorp DE lifted its position in shares of Rexnord Corporation by 79.9% in the second quarter. US Bancorp DE now owns 6,074 shares of the industrial products company’s stock valued at $141,000 after buying an additional 2,697 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Rexnord Corporation in the first quarter valued at approximately $165,000. Finally, Karp Capital Management Corp acquired a new stake in shares of Rexnord Corporation in the first quarter valued at approximately $202,000.

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A number of brokerages have recently weighed in on RXN. Zacks Investment Research upgraded Rexnord Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Janney Montgomery Scott began coverage on Rexnord Corporation in a research note on Friday, July 21st. They set a “buy” rating and a $27.00 price objective on the stock. BidaskClub upgraded Rexnord Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Robert W. Baird set a $27.00 price target on Rexnord Corporation and gave the company a “buy” rating in a research note on Thursday, August 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Rexnord Corporation presently has an average rating of “Hold” and a consensus price target of $26.00.

Rexnord Corporation (NYSE RXN) traded up 0.84% on Friday, hitting $25.30. The stock had a trading volume of 1,365,974 shares. The stock’s 50-day moving average is $24.15 and its 200-day moving average is $23.51. The company has a market cap of $2.62 billion, a P/E ratio of 38.33 and a beta of 1.68. Rexnord Corporation has a 52-week low of $15.80 and a 52-week high of $25.60.

Rexnord Corporation (NYSE:RXN) last posted its earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01. Rexnord Corporation had a net margin of 4.22% and a return on equity of 14.27%. The company had revenue of $487.70 million during the quarter, compared to analysts’ expectations of $484.20 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. Rexnord Corporation’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts expect that Rexnord Corporation will post $1.27 earnings per share for the current year.

In other Rexnord Corporation news, insider Michael Troutman sold 22,914 shares of the company’s stock in a transaction that occurred on 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 available at this hyperlink. Corporate insiders own 3.50% of the company’s stock.

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.

Institutional Ownership by Quarter for Rexnord Corporation (NYSE:RXN)

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