Jennison Associates LLC Cuts Holdings in Rexnord Corp (NYSE:RXN)

Jennison Associates LLC trimmed its holdings in shares of Rexnord Corp (NYSE:RXN) by 9.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,045,056 shares of the industrial products company’s stock after selling 320,255 shares during the period. Jennison Associates LLC’s holdings in Rexnord were worth $92,022,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of RXN. TimesSquare Capital Management LLC raised its stake in shares of Rexnord by 65.1% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,947,167 shares of the industrial products company’s stock worth $48,952,000 after buying an additional 767,520 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Rexnord by 400.6% during the 1st quarter. Marshall Wace LLP now owns 556,952 shares of the industrial products company’s stock worth $14,002,000 after buying an additional 445,691 shares in the last quarter. Rice Hall James & Associates LLC purchased a new position in Rexnord in the 1st quarter valued at approximately $8,379,000. Crescent Grove Advisors LLC increased its stake in Rexnord by 118.5% in the 2nd quarter. Crescent Grove Advisors LLC now owns 458,219 shares of the industrial products company’s stock valued at $13,847,000 after purchasing an additional 248,520 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in Rexnord by 7.8% in the 1st quarter. Wells Fargo & Company MN now owns 2,408,466 shares of the industrial products company’s stock valued at $60,549,000 after purchasing an additional 173,350 shares in the last quarter.

NYSE RXN traded down $0.83 during mid-day trading on Friday, hitting $25.27. The stock had a trading volume of 621,462 shares, compared to its average volume of 664,225. Rexnord Corp has a 52-week low of $21.38 and a 52-week high of $32.11. The company has a market cap of $2.76 billion, a price-to-earnings ratio of 13.59, a P/E/G ratio of 1.63 and a beta of 1.56. The company has a 50 day simple moving average of $28.12 and a 200 day simple moving average of $27.66. The company has a quick ratio of 1.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.99.

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

Several equities analysts recently weighed in on RXN shares. Zacks Investment Research downgraded Rexnord from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research note on Monday, July 1st. Bank of America downgraded Rexnord from a “buy” rating to an “underperform” rating in a research note on Friday, July 12th. Finally, Deutsche Bank started coverage on Rexnord in a research note on Wednesday, August 14th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Rexnord has an average rating of “Hold” and an average target price of $30.33.

In related news, insider Patricia M. Whaley sold 12,945 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $28.00, for a total value of $362,460.00. Following the completion of the transaction, the insider now directly owns 74,661 shares of the company’s stock, valued at approximately $2,090,508. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd A. Adams sold 5,512 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $26.57, for a total value of $146,453.84. Following the transaction, the chief executive officer now directly owns 332,391 shares of the company’s stock, valued at approximately $8,831,628.87. The disclosure for this sale can be found here. Insiders sold a total of 124,727 shares of company stock valued at $3,538,329 over the last ninety days. 5.00% of the stock is currently owned by company insiders.

About Rexnord

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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