Rexnord Corp (NYSE:RXN) Holdings Boosted by Geode Capital Management LLC

Geode Capital Management LLC lifted its stake in Rexnord Corp (NYSE:RXN) by 6.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,088,671 shares of the industrial products company’s stock after purchasing an additional 67,705 shares during the period. Geode Capital Management LLC owned about 1.04% of Rexnord worth $24,984,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in RXN. FMR LLC increased its position in shares of Rexnord by 18.7% during the fourth quarter. FMR LLC now owns 8,153,115 shares of the industrial products company’s stock worth $187,114,000 after purchasing an additional 1,285,223 shares in the last quarter. Norges Bank acquired a new stake in shares of Rexnord during the fourth quarter worth about $26,209,000. BlackRock Inc. increased its position in shares of Rexnord by 6.2% during the fourth quarter. BlackRock Inc. now owns 7,862,762 shares of the industrial products company’s stock worth $180,451,000 after purchasing an additional 456,769 shares in the last quarter. Impax Asset Management Group plc increased its position in shares of Rexnord by 13.4% during the fourth quarter. Impax Asset Management Group plc now owns 3,795,391 shares of the industrial products company’s stock worth $87,104,000 after purchasing an additional 449,692 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of Rexnord by 61.8% during the fourth quarter. Millennium Management LLC now owns 583,889 shares of the industrial products company’s stock worth $13,400,000 after purchasing an additional 222,922 shares in the last quarter.

Separately, Zacks Investment Research upgraded Rexnord from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research report on Tuesday, March 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $31.13.

NYSE RXN traded down $0.09 on Monday, hitting $30.13. 639,511 shares of the company’s stock were exchanged, compared to its average volume of 668,414. The company has a current ratio of 2.48, a quick ratio of 1.68 and a debt-to-equity ratio of 1.00. The firm has a 50-day moving average price of $28.01. Rexnord Corp has a fifty-two week low of $21.38 and a fifty-two week high of $32.11. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.69 and a beta of 1.57.

Rexnord (NYSE:RXN) last announced its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.04. The business had revenue of $537.50 million for the quarter, compared to analyst estimates of $543.89 million. Rexnord had a return on equity of 19.22% and a net margin of 1.68%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.47 EPS. As a group, equities analysts expect that Rexnord Corp will post 1.95 EPS for the current year.

In other Rexnord news, insider Michael Troutman sold 2,724 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $29.50, for a total value of $80,358.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd A. Adams sold 12,786 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $28.79, for a total value of $368,108.94. Following the completion of the transaction, the chief executive officer now owns 664,337 shares of the company’s stock, valued at $19,126,262.23. The disclosure for this sale can be found here. In the last ninety days, insiders sold 331,976 shares of company stock worth $9,269,388. 5.00% of the stock is owned by corporate insiders.

About Rexnord

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.

Featured Article: Understanding each part of a balance sheet

Institutional Ownership by Quarter for Rexnord (NYSE:RXN)

Receive News & Ratings for Rexnord Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rexnord and related companies with MarketBeat.com's FREE daily email newsletter.