Insider Selling: Rexnord Corp (RXN) SVP Sells 3,951 Shares of Stock

Rexnord Corp (NYSE:RXN) SVP Rodney Jackson sold 3,951 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $27.59, for a total value of $109,008.09. Following the transaction, the senior vice president now directly owns 19,781 shares in the company, valued at approximately $545,757.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Shares of NYSE RXN traded up $0.50 during midday trading on Thursday, hitting $28.27. The stock had a trading volume of 395,372 shares, compared to its average volume of 700,636. The company has a market cap of $2.88 billion, a PE ratio of 15.28, a P/E/G ratio of 1.12 and a beta of 1.56. Rexnord Corp has a 52 week low of $21.38 and a 52 week high of $32.11. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.86 and a current ratio of 2.87.

Rexnord (NYSE:RXN) last issued its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.04. The company had revenue of $537.50 million for the quarter, compared to the consensus estimate of $543.89 million. Rexnord had a net margin of 1.68% and a return on equity of 19.48%. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.47 earnings per share. On average, analysts forecast that Rexnord Corp will post 1.98 earnings per share for the current fiscal year.

A number of equities analysts have weighed in on RXN shares. Robert W. Baird set a $29.00 price target on Rexnord and gave the stock a “buy” rating in a research report on Friday, January 25th. Zacks Investment Research upgraded shares of Rexnord from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research note on Friday, February 1st. Barclays reiterated a “hold” rating and issued a $30.00 target price on shares of Rexnord in a research note on Friday, February 1st. Finally, Oppenheimer set a $35.00 target price on shares of Rexnord and gave the stock a “buy” rating in a research note on Sunday, January 27th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $30.63.

A number of institutional investors have recently modified their holdings of RXN. JPMorgan Chase & Co. lifted its position in Rexnord by 10.3% during the third quarter. JPMorgan Chase & Co. now owns 85,370 shares of the industrial products company’s stock valued at $2,630,000 after purchasing an additional 7,996 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Rexnord by 11.1% during the third quarter. AQR Capital Management LLC now owns 24,824 shares of the industrial products company’s stock worth $765,000 after purchasing an additional 2,481 shares in the last quarter. Teachers Advisors LLC lifted its position in shares of Rexnord by 1.5% during the third quarter. Teachers Advisors LLC now owns 932,700 shares of the industrial products company’s stock worth $28,727,000 after purchasing an additional 14,078 shares in the last quarter. Morgan Stanley lifted its position in shares of Rexnord by 42.1% during the third quarter. Morgan Stanley now owns 356,687 shares of the industrial products company’s stock worth $10,985,000 after purchasing an additional 105,598 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Rexnord by 1.6% during the third quarter. Vanguard Group Inc. now owns 9,090,969 shares of the industrial products company’s stock worth $280,001,000 after purchasing an additional 141,884 shares in the last quarter.

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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: Straddles

Insider Buying and Selling by Quarter for Rexnord (NYSE:RXN)

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