Sei Investments Co. increased its position in shares of Rexnord Corp (NYSE:RXN) by 40.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 215,492 shares of the industrial products company’s stock after purchasing an additional 62,606 shares during the period. Sei Investments Co. owned approximately 0.21% of Rexnord worth $6,396,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of Rexnord by 5.7% during the 1st quarter. BlackRock Inc. now owns 8,629,683 shares of the industrial products company’s stock worth $256,129,000 after purchasing an additional 467,658 shares during the period. Impax Asset Management LTD boosted its stake in shares of Rexnord by 14.9% during the 4th quarter. Impax Asset Management LTD now owns 3,682,376 shares of the industrial products company’s stock worth $95,815,000 after purchasing an additional 478,604 shares during the period. Channing Capital Management LLC boosted its stake in shares of Rexnord by 18.4% during the 4th quarter. Channing Capital Management LLC now owns 2,817,990 shares of the industrial products company’s stock worth $73,335,000 after purchasing an additional 438,205 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Rexnord by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,765,142 shares of the industrial products company’s stock worth $82,069,000 after purchasing an additional 93,859 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in shares of Rexnord by 36.1% during the 1st quarter. Wells Fargo & Company MN now owns 2,056,105 shares of the industrial products company’s stock worth $61,025,000 after purchasing an additional 545,897 shares during the period.
RXN has been the subject of a number of recent analyst reports. Barclays initiated coverage on shares of Rexnord in a research note on Thursday, February 15th. They set an “equal weight” rating and a $30.00 price target for the company. Zacks Investment Research cut shares of Rexnord from a “buy” rating to a “hold” rating in a research note on Thursday, May 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. Rexnord currently has a consensus rating of “Buy” and a consensus price target of $30.57.
Rexnord (NYSE:RXN) last released its quarterly earnings data on Monday, May 14th. The industrial products company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.03. The company had revenue of $575.00 million during the quarter, compared to analysts’ expectations of $552.47 million. Rexnord had a net margin of 3.67% and a return on equity of 13.38%. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.35 EPS. research analysts expect that Rexnord Corp will post 1.71 earnings per share for the current fiscal year.
Rexnord Corporation designs, manufactures, and markets process and motion control, and water management products worldwide. The company operates in two segments, Process & Motion Control Platform and Water Management Platform. It offers table top conveying chain and related accessories, metal conveying and engineered woven metals, gearing and gear drives, conveying equipment, industrial chains, 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, such as couplings, torque limiters, electromagnetic clutches and brakes, industrial bearings, and shaft locking assemblies.
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