State of New Jersey Common Pension Fund D Trims Stock Position in Rexnord Corp (NYSE:RXN)

State of New Jersey Common Pension Fund D lessened its stake in shares of Rexnord Corp (NYSE:RXN) by 10.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 105,742 shares of the industrial products company’s stock after selling 12,458 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Rexnord were worth $3,449,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Steward Partners Investment Advisory LLC increased its holdings in shares of Rexnord by 240.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 973 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 687 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Rexnord in the 4th quarter valued at $49,000. First Mercantile Trust Co. acquired a new position in shares of Rexnord in the 3rd quarter valued at $54,000. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Rexnord by 20.4% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,695 shares of the industrial products company’s stock valued at $142,000 after acquiring an additional 794 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Rexnord by 28.4% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,500 shares of the industrial products company’s stock valued at $257,000 after acquiring an additional 2,100 shares during the period.

Several brokerages have issued reports on RXN. KeyCorp boosted their price objective on shares of Rexnord from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Bank of America raised shares of Rexnord from an “underperform” rating to a “buy” rating in a research note on Tuesday, December 17th. Robert W. Baird raised shares of Rexnord from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $36.00 to $42.00 in a research note on Wednesday, January 29th. Deutsche Bank boosted their price objective on shares of Rexnord from $31.00 to $33.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Finally, ValuEngine raised shares of Rexnord from a “sell” rating to a “hold” rating in a research note on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $33.40.

In other Rexnord news, CFO Mark W. Peterson sold 110,000 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $33.65, for a total transaction of $3,701,500.00. Following the sale, the chief financial officer now directly owns 156,576 shares in the company, valued at approximately $5,268,782.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Troutman sold 5,676 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $26.31, for a total transaction of $149,335.56. Insiders sold a total of 482,830 shares of company stock worth $16,143,794 over the last three months. 5.00% of the stock is currently owned by corporate insiders.

RXN traded down $0.01 during trading on Friday, hitting $35.46. The stock had a trading volume of 12,446 shares, compared to its average volume of 782,885. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.78 and a current ratio of 2.79. The firm has a market capitalization of $4.31 billion, a P/E ratio of 22.02, a PEG ratio of 2.04 and a beta of 1.60. The company’s 50-day moving average price is $33.12 and its 200 day moving average price is $29.78. Rexnord Corp has a twelve month low of $24.24 and a twelve month high of $35.64.

Rexnord (NYSE:RXN) last announced its quarterly earnings data on Tuesday, January 28th. The industrial products company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.06. The company had revenue of $491.70 million for the quarter, compared to analysts’ expectations of $487.32 million. Rexnord had a net margin of 9.66% and a return on equity of 18.82%. Rexnord’s revenue was up 1.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.47 EPS. As a group, equities analysts expect that Rexnord Corp will post 1.98 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Friday, February 21st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Thursday, February 20th. This represents a $0.32 annualized dividend and a yield of 0.90%.

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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