Sheets Smith Wealth Management Raises Position in Rexnord Co. (NYSE:RXN)

Sheets Smith Wealth Management lifted its stake in shares of Rexnord Co. (NYSE:RXN) by 2.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,828 shares of the industrial products company’s stock after purchasing an additional 290 shares during the period. Sheets Smith Wealth Management’s holdings in Rexnord were worth $467,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Huntington National Bank increased its stake in shares of Rexnord by 42.4% during the 4th quarter. Huntington National Bank now owns 840 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 250 shares during the last quarter. State of Alaska Department of Revenue grew its stake in Rexnord by 225.0% in the 4th quarter. State of Alaska Department of Revenue now owns 9,799 shares of the industrial products company’s stock valued at $386,000 after buying an additional 6,784 shares in the last quarter. Strs Ohio grew its stake in Rexnord by 25.9% in the 3rd quarter. Strs Ohio now owns 14,600 shares of the industrial products company’s stock valued at $435,000 after buying an additional 3,000 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in Rexnord in the 3rd quarter valued at approximately $224,000. Finally, Sei Investments Co. grew its stake in Rexnord by 27.9% in the 3rd quarter. Sei Investments Co. now owns 275,943 shares of the industrial products company’s stock valued at $8,238,000 after buying an additional 60,268 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

In other news, CFO Mark W. Peterson sold 13,439 shares of Rexnord stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $34.92, for a total transaction of $469,289.88. Following the completion of the sale, the chief financial officer now directly owns 75,120 shares of the company’s stock, valued at approximately $2,623,190.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Patricia M. Whaley sold 33,849 shares of Rexnord stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $34.30, for a total transaction of $1,161,020.70. Following the sale, the general counsel now directly owns 110,816 shares of the company’s stock, valued at $3,800,988.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,288 shares of company stock valued at $2,505,311. Insiders own 3.50% of the company’s stock.

Shares of NYSE:RXN opened at $44.48 on Thursday. The firm has a fifty day moving average price of $39.48 and a two-hundred day moving average price of $33.22. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.52 and a quick ratio of 1.65. Rexnord Co. has a one year low of $18.87 and a one year high of $49.08. The company has a market cap of $5.35 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 2.69 and a beta of 1.45.

Rexnord (NYSE:RXN) last announced its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.10. Rexnord had a net margin of 8.42% and a return on equity of 17.52%. The firm had revenue of $493.60 million during the quarter, compared to the consensus estimate of $469.86 million. Equities research analysts expect that Rexnord Co. will post 1.74 EPS for the current fiscal year.

A number of research analysts recently weighed in on the stock. KeyCorp lifted their price objective on shares of Rexnord from $37.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, November 18th. Oppenheimer lifted their price objective on shares of Rexnord from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, December 1st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Rexnord from $46.00 to $50.00 in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $38.71.

Rexnord Company Profile

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.

Further Reading: Convertible Shares

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Institutional Ownership by Quarter for Rexnord (NYSE:RXN)

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