Bank of New York Mellon Corp Acquires 534,335 Shares of Rexnord Corp (NYSE:RXN)

Bank of New York Mellon Corp grew its holdings in Rexnord Corp (NYSE:RXN) by 28.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,392,160 shares of the industrial products company’s stock after purchasing an additional 534,335 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.26% of Rexnord worth $72,292,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quantamental Technologies LLC boosted its stake in shares of Rexnord by 220.2% in the 2nd quarter. Quantamental Technologies LLC now owns 6,747 shares of the industrial products company’s stock valued at $204,000 after purchasing an additional 4,640 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Rexnord in the 2nd quarter valued at approximately $224,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Rexnord in the 1st quarter valued at approximately $290,000. Strs Ohio raised its position in shares of Rexnord by 22.0% in the 2nd quarter. Strs Ohio now owns 10,000 shares of the industrial products company’s stock valued at $302,000 after acquiring an additional 1,800 shares during the period. Finally, Moors & Cabot Inc. acquired a new stake in shares of Rexnord in the 1st quarter valued at approximately $294,000.

Shares of NYSE:RXN opened at $28.64 on Thursday. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 15.48, a P/E/G ratio of 1.75 and a beta of 1.57. The firm’s 50 day simple moving average is $27.20 and its 200 day simple moving average is $27.59. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.74 and a quick ratio of 1.74. Rexnord Corp has a fifty-two week low of $21.38 and a fifty-two week high of $32.11.

Rexnord (NYSE:RXN) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.43 by $0.05. The firm had revenue of $508.30 million for the quarter, compared to the consensus estimate of $515.98 million. Rexnord had a net margin of 3.97% and a return on equity of 19.57%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the company posted $0.41 EPS. Equities research analysts expect that Rexnord Corp will post 1.94 earnings per share for the current year.

RXN has been the topic of a number of analyst reports. Zacks Investment Research downgraded shares of Rexnord from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research report on Monday, July 1st. Bank of America downgraded shares of Rexnord from a “buy” rating to an “underperform” rating in a research report on Friday, July 12th. Deutsche Bank initiated coverage on shares of Rexnord in a research report on Wednesday, August 14th. They issued a “hold” rating on the stock. Finally, Robert W. Baird downgraded shares of Rexnord from an “outperform” rating to a “neutral” rating and cut their price target for the company from $33.00 to $29.00 in a research report on Tuesday, September 3rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $30.33.

In other Rexnord news, insider Michael Troutman sold 2,724 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $29.50, for a total transaction of $80,358.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Todd A. Adams sold 12,786 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $28.79, for a total transaction of $368,108.94. Following the sale, the chief executive officer now owns 664,337 shares in the company, valued at $19,126,262.23. The disclosure for this sale can be found here. Insiders have sold a total of 27,355 shares of company stock worth $798,013 over the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Rexnord Company 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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