Daiwa Securities Group Inc. Lowers Stock Holdings in Rexnord Corp (NYSE:RXN)

Daiwa Securities Group Inc. lowered its stake in Rexnord Corp (NYSE:RXN) by 9.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,820 shares of the industrial products company’s stock after selling 5,586 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Rexnord were worth $1,429,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC purchased a new position in shares of Rexnord in the 2nd quarter worth about $34,374,000. Invesco Ltd. boosted its holdings in shares of Rexnord by 110.6% in the 2nd quarter. Invesco Ltd. now owns 2,021,777 shares of the industrial products company’s stock worth $61,098,000 after buying an additional 1,061,680 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in Rexnord in the 3rd quarter valued at about $19,292,000. Bank of New York Mellon Corp raised its stake in Rexnord by 28.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,392,160 shares of the industrial products company’s stock valued at $72,292,000 after acquiring an additional 534,335 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH raised its stake in Rexnord by 390.0% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 490,000 shares of the industrial products company’s stock valued at $14,808,000 after acquiring an additional 390,000 shares during the period.

RXN traded up $0.04 during midday trading on Wednesday, hitting $30.73. The stock had a trading volume of 621,700 shares, compared to its average volume of 745,229. The company has a market cap of $3.35 billion, a P/E ratio of 16.61, a price-to-earnings-growth ratio of 1.83 and a beta of 1.63. Rexnord Corp has a 1 year low of $21.38 and a 1 year high of $31.88. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.94 and a current ratio of 2.94. The business has a fifty day moving average of $29.57 and a 200 day moving average of $28.19.

Rexnord (NYSE:RXN) last released its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.04. The firm had revenue of $521.30 million during the quarter, compared to analyst estimates of $524.39 million. Rexnord had a return on equity of 19.40% and a net margin of 8.56%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 earnings per share. On average, equities research analysts anticipate that Rexnord Corp will post 1.98 earnings per share for the current year.

In other Rexnord news, General Counsel Patricia M. Whaley sold 35,000 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $31.51, for a total value of $1,102,850.00. Following the completion of the transaction, the general counsel now owns 96,716 shares in the company, valued at $3,047,521.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael Troutman sold 5,676 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $26.31, for a total value of $149,335.56. In the last 90 days, insiders have sold 183,574 shares of company stock valued at $5,630,875. 5.00% of the stock is owned by corporate insiders.

RXN has been the topic of a number of research reports. Deutsche Bank boosted their price objective on Rexnord from $31.00 to $33.00 and gave the company a “hold” rating in a research note on Wednesday. Robert W. Baird cut Rexnord from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $33.00 to $29.00 in a research report on Tuesday, September 3rd. Barclays reiterated a “hold” rating and set a $29.00 price target on shares of Rexnord in a research report on Friday, October 4th. Finally, Zacks Investment Research cut Rexnord from a “hold” rating to a “sell” rating and set a $27.00 price target on the stock. in a research report on Friday, October 11th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Rexnord presently has a consensus rating of “Hold” and a consensus target price of $29.67.

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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