Teacher Retirement System of Texas boosted its stake in Rexnord Corp. (NYSE:RXN) by 14.8% during the second quarter, Holdings Channel reports. The firm owned 14,143 shares of the company’s stock after buying an additional 1,828 shares during the period. Teacher Retirement System of Texas’ holdings in Rexnord Corp. were worth $278,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Kleinwort Benson Investors Dublin Ltd bought a new stake in Rexnord Corp. during the second quarter valued at $16,718,000. RS Investment Management Co. LLC acquired a new position in Rexnord Corp. during the second quarter valued at approximately $16,110,000. Emerald Acquisition Ltd. acquired a new position in Rexnord Corp. during the second quarter valued at approximately $4,988,000. Barclays PLC raised its position in Rexnord Corp. by 292.1% in the first quarter. Barclays PLC now owns 263,689 shares of the company’s stock valued at $5,274,000 after buying an additional 196,441 shares during the period. Finally, Wellington Management Group LLP raised its position in Rexnord Corp. by 61.9% in the first quarter. Wellington Management Group LLP now owns 447,650 shares of the company’s stock valued at $9,051,000 after buying an additional 171,145 shares during the period. 97.01% of the stock is currently owned by hedge funds and other institutional investors.
Rexnord Corp. (NYSE:RXN) opened at 19.18 on Friday. The firm’s 50-day moving average is $20.84 and its 200-day moving average is $20.91. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 30.16 and a beta of 1.57. Rexnord Corp. has a 1-year low of $14.04 and a 1-year high of $22.97.
Rexnord Corp. (NYSE:RXN) last released its earnings results on Monday, August 1st. The company reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.05. The firm earned $472 million during the quarter, compared to analysts’ expectations of $459.57 million. Rexnord Corp. had a net margin of 3.43% and a return on equity of 25.62%. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.30 EPS. On average, equities analysts anticipate that Rexnord Corp. will post $1.51 EPS for the current year.
Several research firms have recently commented on RXN. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Rexnord Corp. in a report on Saturday, July 9th. Barclays PLC lifted their price target on shares of Rexnord Corp. from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, July 18th. Finally, Robert W. Baird lowered shares of Rexnord Corp. from an “outperform” rating to a “neutral” rating and set a $22.00 price target for the company. in a report on Thursday, June 23rd. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $22.50.
In related news, Director David C. Longren bought 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was purchased at an average cost of $21.39 per share, for a total transaction of $42,780.00. Following the purchase, the director now directly owns 8,467 shares in the company, valued at $181,109.13. The purchase was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.40% of the company’s stock.
Rexnord Corp. Company 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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