Wedge Capital Management L L P NC Cuts Holdings in Rexnord Corp (NYSE:RXN)

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Wedge Capital Management L L P NC trimmed its position in Rexnord Corp (NYSE:RXN) by 1.3% in the fourth quarter, HoldingsChannel reports. The firm owned 703,907 shares of the industrial products company’s stock after selling 9,308 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Rexnord were worth $22,961,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of RXN. Nomura Asset Management Co. Ltd. bought a new position in shares of Rexnord during the 2nd quarter worth approximately $31,000. State of Alaska Department of Revenue purchased a new stake in shares of Rexnord during the fourth quarter valued at approximately $49,000. River & Mercantile Asset Management LLP bought a new stake in Rexnord during the second quarter worth $57,000. First Mercantile Trust Co. bought a new stake in Rexnord during the third quarter worth $54,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its position in Rexnord by 20.4% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,695 shares of the industrial products company’s stock worth $142,000 after purchasing an additional 794 shares during the last quarter.

Several equities research analysts have recently issued reports on the company. Barclays reaffirmed a “hold” rating and set a $29.00 target price on shares of Rexnord in a research report on Friday, October 4th. Bank of America raised shares of Rexnord from an “underperform” rating to a “buy” rating in a report on Tuesday, December 17th. Deutsche Bank increased their price target on shares of Rexnord from $31.00 to $33.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Finally, Zacks Investment Research downgraded shares of Rexnord from a “hold” rating to a “sell” rating and set a $27.00 price objective for the company. in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $30.60.

Shares of RXN stock opened at $32.67 on Thursday. The company has a quick ratio of 1.94, a current ratio of 2.94 and a debt-to-equity ratio of 0.95. The firm has a market cap of $3.50 billion, a P/E ratio of 17.66, a PEG ratio of 1.79 and a beta of 1.64. The company has a 50 day moving average of $32.29 and a 200-day moving average of $29.15. Rexnord Corp has a 12-month low of $23.84 and a 12-month high of $33.41.

Rexnord (NYSE:RXN) last posted its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $0.51 EPS for the quarter, beating the 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 business had revenue of $521.30 million for the quarter, compared to the consensus estimate of $524.39 million. During the same quarter in the prior year, the business earned $0.46 earnings per share. Rexnord’s revenue for the quarter was down .7% on a year-over-year basis. As a group, equities analysts expect that Rexnord Corp will post 1.95 EPS for the current year.

In other news, insider Kevin J. Zaba sold 2,777 shares of Rexnord stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $31.61, for a total value of $87,780.97. Following the completion of the transaction, the insider now owns 29,189 shares in the company, valued at $922,664.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Patricia M. Whaley sold 10,000 shares of Rexnord stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $32.55, for a total transaction of $325,500.00. Following the completion of the transaction, the general counsel now owns 71,716 shares of the company’s stock, valued at approximately $2,334,355.80. The disclosure for this sale can be found here. Insiders sold 196,351 shares of company stock valued at $6,044,156 over the last three months. Company insiders own 5.00% of the company’s stock.

Rexnord 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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Institutional Ownership by Quarter for Rexnord (NYSE:RXN)

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