Short Interest in Rexnord Corp (NYSE:RXN) Rises By 20.8%

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Rexnord Corp (NYSE:RXN) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 7,480,000 shares, an increase of 20.8% from the September 30th total of 6,190,000 shares. Approximately 7.1% of the shares of the company are short sold. Based on an average trading volume of 941,200 shares, the short-interest ratio is currently 7.9 days.

A number of equities analysts have recently issued reports on RXN shares. Deutsche Bank started coverage on Rexnord in a report on Wednesday, August 14th. They issued a “hold” rating for the company. Robert W. Baird cut Rexnord from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $33.00 to $29.00 in a report on Tuesday, September 3rd. Barclays reissued a “hold” rating and issued a $29.00 target price on shares of Rexnord in a report on Friday, October 4th. Finally, Zacks Investment Research cut Rexnord from a “hold” rating to a “sell” rating and set a $27.00 target price for the company. in a report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $29.00.

In other Rexnord news, insider Craig Wehr sold 5,671 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $30.60, for a total value of $173,532.60. Following the completion of the transaction, the insider now owns 14,168 shares of the company’s stock, valued at approximately $433,540.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mark W. Peterson sold 115,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $30.65, for a total value of $3,524,750.00. Following the completion of the transaction, the chief financial officer now directly owns 161,576 shares of the company’s stock, valued at $4,952,304.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 122,085 shares of company stock valued at $3,742,852. Insiders own 5.00% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in RXN. Nomura Asset Management Co. Ltd. acquired a new stake in Rexnord during the 2nd quarter valued at $31,000. First Mercantile Trust Co. acquired a new stake in Rexnord during the 3rd quarter valued at $54,000. River & Mercantile Asset Management LLP acquired a new stake in Rexnord during the 2nd quarter valued at $57,000. Ladenburg Thalmann Financial Services Inc. increased its holdings in Rexnord by 20.4% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,695 shares of the industrial products company’s stock valued at $142,000 after purchasing an additional 794 shares in the last quarter. Finally, Quantamental Technologies LLC increased its holdings in Rexnord by 220.2% during the 2nd quarter. Quantamental Technologies LLC now owns 6,747 shares of the industrial products company’s stock valued at $204,000 after purchasing an additional 4,640 shares in the last quarter.

Shares of RXN traded down $0.23 during mid-day trading on Thursday, reaching $30.07. The company had a trading volume of 1,332,698 shares, compared to its average volume of 742,915. Rexnord has a twelve month low of $21.38 and a twelve month high of $31.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.94 and a quick ratio of 1.94. The company’s 50-day moving average is $27.92 and its 200-day moving average is $27.97. The company has a market capitalization of $3.27 billion, a P/E ratio of 16.25, a P/E/G ratio of 1.79 and a beta of 1.58.

Rexnord (NYSE:RXN) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.04. Rexnord had a return on equity of 19.40% and a net margin of 8.56%. The firm had revenue of $521.30 million during the quarter, compared to analysts’ expectations of $524.39 million. During the same period last year, the firm posted $0.46 EPS. The business’s revenue was down .7% on a year-over-year basis. As a group, equities analysts expect that Rexnord will post 1.98 EPS for the current fiscal year.

Rexnord Company Profile

Rexnord Corp. engages in the manufacture of engineered power transmission, aerospace, and other precision motion technology products. It operates through the Process and Motion Control, and Water Management segments. The Process and Motion Control segment designs, manufactures and markets engineered mechanical components such as gears, couplings, industrial, aerospace bearings, and seals which are used within complex systems.

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