UBS Asset Management Americas Inc. increased its stake in shares of Rexnord Corp. (NYSE:RXN) by 2.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 84,882 shares of the company’s stock after buying an additional 1,638 shares during the period. UBS Asset Management Americas Inc. owned 0.08% of Rexnord Corp. worth $1,666,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the stock. Suffolk Capital Management LLC bought a new position in shares of Rexnord Corp. during the second quarter valued at about $2,681,000. Ameriprise Financial Inc. boosted its position in shares of Rexnord Corp. by 30.6% in the second quarter. Ameriprise Financial Inc. now owns 144,569 shares of the company’s stock valued at $2,839,000 after buying an additional 33,857 shares during the last quarter. Princeton Alpha Management LP bought a new position in shares of Rexnord Corp. during the second quarter valued at about $231,000. First Trust Advisors LP boosted its position in shares of Rexnord Corp. by 25.7% in the second quarter. First Trust Advisors LP now owns 256,842 shares of the company’s stock valued at $5,042,000 after buying an additional 52,478 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Rexnord Corp. by 2.0% in the second quarter. Jennison Associates LLC now owns 3,943,860 shares of the company’s stock valued at $77,418,000 after buying an additional 76,562 shares during the last quarter. Institutional investors and hedge funds own 97.01% of the company’s stock.
Rexnord Corp. (NYSE:RXN) traded up 0.81% on Wednesday, reaching $19.80. The company’s stock had a trading volume of 19,741 shares. Rexnord Corp. has a 52 week low of $14.04 and a 52 week high of $22.97. The firm’s 50 day moving average price is $21.07 and its 200-day moving average price is $20.93. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 31.13 and a beta of 1.57.
Rexnord Corp. (NYSE:RXN) last released its quarterly earnings data on Monday, August 1st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.05. The business earned $472 million during the quarter, compared to analyst estimates of $459.57 million. Rexnord Corp. had a return on equity of 25.62% and a net margin of 3.43%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the company posted $0.30 EPS. On average, equities analysts predict that Rexnord Corp. will post $1.51 EPS for the current year.
Several brokerages have recently issued reports on RXN. Barclays PLC lifted their price objective on Rexnord Corp. from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, July 18th. Credit Suisse Group AG restated a “buy” rating on shares of Rexnord Corp. in a research note on Saturday, July 9th. Finally, Robert W. Baird cut Rexnord Corp. from an “outperform” rating to a “neutral” rating and set a $22.00 target price for the company. in a research note on Thursday, June 23rd. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $23.14.
In related news, Director David C. Longren acquired 2,000 shares of Rexnord Corp. stock in a transaction dated Thursday, August 11th. The stock was acquired at an average cost of $21.39 per share, with a total value of $42,780.00. Following the purchase, the director now directly owns 8,467 shares in the company, valued at approximately $181,109.13. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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.