Crescent Grove Advisors LLC increased its stake in shares of Rexnord Corp (NYSE:RXN) by 59.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 269,699 shares of the industrial products company’s stock after purchasing an additional 100,780 shares during the quarter. Rexnord makes up 1.8% of Crescent Grove Advisors LLC’s holdings, making the stock its 11th largest position. Crescent Grove Advisors LLC’s holdings in Rexnord were worth $8,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Janus Henderson Group PLC lifted its stake in shares of Rexnord by 0.9% during the 2nd quarter. Janus Henderson Group PLC now owns 15,165,954 shares of the industrial products company’s stock worth $440,723,000 after purchasing an additional 140,597 shares during the last quarter. FMR LLC lifted its stake in shares of Rexnord by 21.2% during the 2nd quarter. FMR LLC now owns 6,238,342 shares of the industrial products company’s stock worth $181,286,000 after purchasing an additional 1,089,253 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Rexnord by 0.9% during the 2nd quarter. Jennison Associates LLC now owns 3,498,406 shares of the industrial products company’s stock worth $101,664,000 after purchasing an additional 31,160 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Rexnord by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,848,021 shares of the industrial products company’s stock worth $82,763,000 after purchasing an additional 82,879 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of Rexnord by 5.8% during the 3rd quarter. Wells Fargo & Company MN now owns 2,298,609 shares of the industrial products company’s stock worth $70,798,000 after purchasing an additional 126,340 shares during the last quarter.
Rexnord stock opened at $28.90 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.23 and a quick ratio of 1.50. Rexnord Corp has a one year low of $22.89 and a one year high of $32.11. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 20.79, a price-to-earnings-growth ratio of 0.99 and a beta of 1.48.
Rexnord (NYSE:RXN) last released its quarterly earnings results on Tuesday, October 30th. The industrial products company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $524.80 million during the quarter, compared to analysts’ expectations of $516.66 million. During the same period last year, the business posted $0.32 earnings per share. The firm’s revenue was up 15.6% compared to the same quarter last year. As a group, equities analysts predict that Rexnord Corp will post 1.75 earnings per share for the current year.
A number of equities research analysts recently weighed in on RXN shares. Goldman Sachs Group started coverage on Rexnord in a research note on Tuesday, October 2nd. They set a “neutral” rating and a $31.00 price objective for the company. Bank of America increased their price target on Rexnord from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. ValuEngine cut Rexnord from a “buy” rating to a “hold” rating in a research note on Thursday, October 18th. KeyCorp increased their price target on Rexnord from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Tuesday, July 31st. Finally, Oppenheimer reiterated a “buy” rating and issued a $35.00 price target on shares of Rexnord in a research note on Monday, July 30th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Rexnord has a consensus rating of “Buy” and a consensus price target of $32.71.
In other news, Director Theodore D. Crandall acquired 4,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The shares were acquired at an average cost of $27.84 per share, with a total value of $111,360.00. Following the completion of the acquisition, the director now owns 20,330 shares of the company’s stock, valued at $565,987.20. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Craig Wehr sold 7,500 shares of the stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $28.50, for a total value of $213,750.00. Following the completion of the transaction, the insider now directly owns 15,054 shares in the company, valued at $429,039. The disclosure for this sale can be found here. Company insiders own 4.50% of the company’s stock.
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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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