Zurcher Kantonalbank Zurich Cantonalbank Cuts Stock Holdings in Rexnord Corp (NYSE:RXN)
Zurcher Kantonalbank Zurich Cantonalbank reduced its position in shares of Rexnord Corp (NYSE:RXN) by 1.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 168,644 shares of the industrial products company’s stock after selling 1,758 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.16% of Rexnord worth $5,096,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the business. Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of Rexnord in the second quarter valued at approximately $224,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Rexnord in the first quarter valued at approximately $290,000. Moors & Cabot Inc. purchased a new stake in shares of Rexnord in the first quarter valued at approximately $294,000. Strs Ohio grew its position in shares of Rexnord by 22.0% in the second quarter. Strs Ohio now owns 10,000 shares of the industrial products company’s stock valued at $302,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC purchased a new stake in shares of Rexnord in the first quarter valued at approximately $351,000.
A number of equities research analysts have recently issued reports on the company. Bank of America lowered Rexnord from a “buy” rating to an “underperform” rating in a research report on Friday, July 12th. Zacks Investment Research lowered Rexnord from a “hold” rating to a “sell” rating and set a $32.00 price target for the company. in a research report on Monday, July 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Rexnord presently has a consensus rating of “Hold” and a consensus price target of $30.33.
Rexnord stock traded down $0.49 during mid-day trading on Wednesday, hitting $26.73. The company’s stock had a trading volume of 6,281 shares, compared to its average volume of 652,225. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 14.71, a PEG ratio of 1.58 and a beta of 1.56. Rexnord Corp has a 1 year low of $21.38 and a 1 year high of $32.11. The company has a quick ratio of 1.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.99. The business has a fifty day moving average price of $28.85.
Rexnord (NYSE:RXN) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.05. The company had revenue of $508.30 million during the quarter, compared to analyst estimates of $515.98 million. Rexnord had a return on equity of 19.57% and a net margin of 3.97%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 earnings per share. As a group, analysts predict that Rexnord Corp will post 1.95 earnings per share for the current fiscal year.
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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