Rexnord Corporation (NYSE:RXN) Position Cut by Metropolitan Life Insurance Co. NY

Metropolitan Life Insurance Co. NY reduced its stake in shares of Rexnord Corporation (NYSE:RXN) by 1.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,722 shares of the industrial products company’s stock after selling 670 shares during the period. Metropolitan Life Insurance Co. NY owned 0.06% of Rexnord Corporation worth $1,332,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in Rexnord Corporation by 6.3% in the first quarter. Vanguard Group Inc. now owns 8,282,119 shares of the industrial products company’s stock worth $191,151,000 after buying an additional 487,513 shares during the period. BlackRock Inc. increased its stake in Rexnord Corporation by 11,563.1% in the first quarter. BlackRock Inc. now owns 6,143,680 shares of the industrial products company’s stock worth $141,795,000 after buying an additional 6,091,004 shares during the period. Impax Asset Management LTD increased its stake in Rexnord Corporation by 16.0% in the first quarter. Impax Asset Management LTD now owns 2,569,825 shares of the industrial products company’s stock worth $59,312,000 after buying an additional 355,000 shares during the period. Dimensional Fund Advisors LP increased its stake in Rexnord Corporation by 6.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,504,340 shares of the industrial products company’s stock worth $57,800,000 after buying an additional 145,136 shares during the period. Finally, Channing Capital Management LLC purchased a new stake in Rexnord Corporation during the first quarter worth $49,056,000.

Shares of Rexnord Corporation (NYSE:RXN) traded up 0.25% during mid-day trading on Friday, hitting $23.63. 518,424 shares of the company were exchanged. The firm has a market capitalization of $2.45 billion, a P/E ratio of 35.80 and a beta of 1.63. Rexnord Corporation has a 12-month low of $15.80 and a 12-month high of $25.50. The company’s 50-day moving average price is $23.70 and its 200-day moving average price is $23.23.

Rexnord Corporation (NYSE:RXN) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.01. The firm had revenue of $487.70 million for the quarter, compared to the consensus estimate of $484.20 million. Rexnord Corporation had a net margin of 4.22% and a return on equity of 14.27%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.35 EPS. Equities research analysts predict that Rexnord Corporation will post $1.27 earnings per share for the current fiscal year.

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RXN has been the subject of a number of analyst reports. TheStreet upgraded shares of Rexnord Corporation from a “c+” rating to a “b” rating in a research note on Wednesday, May 17th. Zacks Investment Research cut shares of Rexnord Corporation from a “hold” rating to a “sell” rating in a research note on Monday, April 24th. BidaskClub cut shares of Rexnord Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Rexnord Corporation in a research note on Thursday, May 18th. Finally, Janney Montgomery Scott started coverage on shares of Rexnord Corporation in a research note on Friday, July 21st. They issued a “buy” rating and a $27.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $24.80.

About Rexnord Corporation

Rexnord Corporation is a multi-platform industrial company. The Company operates through two segments: Process & Motion Control platform, and Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a range of engineered mechanical components used within systems.

Institutional Ownership by Quarter for Rexnord Corporation (NYSE:RXN)

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