Rexnord Corp (RXN) Position Boosted by OppenheimerFunds Inc.

OppenheimerFunds Inc. lifted its holdings in Rexnord Corp (NYSE:RXN) by 2.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 848,857 shares of the industrial products company’s stock after purchasing an additional 21,715 shares during the quarter. OppenheimerFunds Inc.’s holdings in Rexnord were worth $24,668,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC boosted its holdings in Rexnord by 0.9% in the 2nd quarter. Janus Henderson Group PLC now owns 15,165,954 shares of the industrial products company’s stock worth $440,723,000 after buying an additional 140,597 shares during the last quarter. BlackRock Inc. boosted its holdings in Rexnord by 5.7% in the 1st quarter. BlackRock Inc. now owns 8,629,683 shares of the industrial products company’s stock worth $256,129,000 after buying an additional 467,658 shares during the last quarter. FMR LLC boosted its holdings in Rexnord by 21.2% in the 2nd quarter. FMR LLC now owns 6,238,342 shares of the industrial products company’s stock worth $181,286,000 after buying an additional 1,089,253 shares during the last quarter. Jennison Associates LLC boosted its holdings in Rexnord by 0.9% in the 2nd quarter. Jennison Associates LLC now owns 3,498,406 shares of the industrial products company’s stock worth $101,664,000 after buying an additional 31,160 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Rexnord by 3.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,848,021 shares of the industrial products company’s stock worth $82,763,000 after buying an additional 82,879 shares during the last quarter.

Several research firms recently issued reports on RXN. Bank of America lifted their price objective on Rexnord from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, July 31st. Oppenheimer reiterated a “buy” rating and issued a $35.00 price objective on shares of Rexnord in a report on Monday, July 30th. Finally, KeyCorp lifted their price objective on Rexnord from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Tuesday, July 31st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Rexnord has an average rating of “Buy” and an average target price of $32.67.

Shares of Rexnord stock opened at $30.84 on Friday. The company has a market cap of $3.12 billion, a PE ratio of 19.63, a P/E/G ratio of 1.07 and a beta of 1.53. Rexnord Corp has a 1-year low of $22.89 and a 1-year high of $31.44. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.62 and a current ratio of 2.40.

Rexnord (NYSE:RXN) last issued its earnings results on Monday, July 30th. The industrial products company reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The business had revenue of $503.60 million for the quarter, compared to analysts’ expectations of $505.18 million. Rexnord had a return on equity of 14.99% and a net margin of 2.34%. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.27 EPS. analysts expect that Rexnord Corp will post 1.7 earnings per share for the current fiscal year.

About Rexnord

Rexnord Corporation designs, manufactures, and markets process and motion control, and water management products worldwide. It operates in two segments, Process & Motion Control Platform and Water Management Platform. The company offers table top conveying chain and related accessories, metal conveying and engineered woven metals, gearing and gear drives, conveying equipment, industrial chain, and custom assemblies; custom-engineered, application-specific miniature gearboxes, and motion control assemblies and components used in aerospace, defense, medical equipment, robotics, semiconductor, instrumentation, and satellite communications; and shaft management products, including couplings, torque limiters, electromagnetic clutches and brakes, industrial bearings, and shaft locking assemblies.

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Institutional Ownership by Quarter for Rexnord (NYSE:RXN)

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