Rexnord Corp. (RXN) Shares Bought by JPMorgan Chase & Co.
JPMorgan Chase & Co. increased its position in shares of Rexnord Corp. (NYSE:RXN) by 6.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,554,286 shares of the company’s stock after buying an additional 554,275 shares during the period. JPMorgan Chase & Co. owned about 0.08% of Rexnord Corp. worth $183,147,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its position in shares of Rexnord Corp. by 6,055.4% in the second quarter. Tower Research Capital LLC TRC now owns 6,217 shares of the company’s stock worth $122,000 after buying an additional 6,116 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in Rexnord Corp. by 152.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,853 shares of the company’s stock worth $193,000 after buying an additional 5,957 shares during the period. Clinton Group Inc. acquired a new stake in Rexnord Corp. during the second quarter worth approximately $224,000. Princeton Alpha Management LP acquired a new stake in Rexnord Corp. during the second quarter worth approximately $231,000. Finally, Teacher Retirement System of Texas boosted its stake in Rexnord Corp. by 14.8% in the second quarter. Teacher Retirement System of Texas now owns 14,143 shares of the company’s stock worth $278,000 after buying an additional 1,828 shares during the period. 97.75% of the stock is owned by institutional investors.
Shares of Rexnord Corp. (NYSE:RXN) opened at 22.00 on Thursday. Rexnord Corp. has a one year low of $14.04 and a one year high of $22.97. The firm has a 50-day moving average price of $19.84 and a 200 day moving average price of $20.66. The stock has a market capitalization of $2.26 billion, a PE ratio of 33.49 and a beta of 1.59.
Rexnord Corp. (NYSE:RXN) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $0.38 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.38. Rexnord Corp. had a return on equity of 25.38% and a net margin of 3.52%. The company earned $491 million during the quarter, compared to analysts’ expectations of $495.47 million. During the same period last year, the firm earned $0.34 EPS. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, equities analysts expect that Rexnord Corp. will post $1.37 EPS for the current fiscal year.
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A number of analysts have recently commented on the company. Barclays PLC upgraded Rexnord Corp. from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $20.00 to $26.00 in a research report on Monday, October 24th. Robert W. Baird upgraded Rexnord Corp. from a “neutral” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Tuesday, November 8th. KeyCorp boosted their price objective on Rexnord Corp. from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Zacks Investment Research cut Rexnord Corp. from a “hold” rating to a “sell” rating in a research report on Monday, October 17th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Rexnord Corp. presently has a consensus rating of “Buy” and an average price target of $23.17.
About Rexnord Corp.
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.
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