Norges Bank Takes Position in Rexnord Corp (RXN)

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Norges Bank purchased a new position in Rexnord Corp (NYSE:RXN) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 1,142,021 shares of the industrial products company’s stock, valued at approximately $26,209,000.

A number of other hedge funds also recently bought and sold shares of RXN. FMR LLC increased its stake in Rexnord by 18.7% in the 4th quarter. FMR LLC now owns 8,153,115 shares of the industrial products company’s stock worth $187,114,000 after buying an additional 1,285,223 shares during the period. Glenmede Trust Co. NA increased its stake in Rexnord by 216,331.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 976,106 shares of the industrial products company’s stock worth $30,063,000 after buying an additional 975,655 shares during the period. BlackRock Inc. increased its stake in Rexnord by 6.2% in the 4th quarter. BlackRock Inc. now owns 7,862,762 shares of the industrial products company’s stock worth $180,451,000 after buying an additional 456,769 shares during the period. Impax Asset Management Group plc increased its stake in Rexnord by 13.4% in the 4th quarter. Impax Asset Management Group plc now owns 3,795,391 shares of the industrial products company’s stock worth $87,104,000 after buying an additional 449,692 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in Rexnord in the 3rd quarter worth about $13,173,000.

NYSE RXN opened at $28.02 on Friday. The company has a current ratio of 2.87, a quick ratio of 1.86 and a debt-to-equity ratio of 1.11. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 20.16, a price-to-earnings-growth ratio of 0.90 and a beta of 1.52. Rexnord Corp has a one year low of $21.38 and a one year high of $32.11.

Rexnord (NYSE:RXN) last posted its earnings results on Wednesday, January 30th. The industrial products company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.07. The business had revenue of $485.00 million for the quarter, compared to the consensus estimate of $487.19 million. Rexnord had a negative net margin of 3.58% and a positive return on equity of 18.32%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.37 EPS. On average, equities research analysts expect that Rexnord Corp will post 1.82 EPS for the current year.

In other Rexnord news, Director David C. Longren bought 3,500 shares of the business’s stock in a transaction on Friday, February 1st. The shares were acquired at an average price of $26.50 per share, with a total value of $92,750.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Todd A. Adams sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $28.02, for a total transaction of $840,600.00. Following the transaction, the chief executive officer now directly owns 271,792 shares in the company, valued at approximately $7,615,611.84. The disclosure for this sale can be found here. Company insiders own 4.50% of the company’s stock.

Several research analysts recently commented on RXN shares. Oppenheimer set a $35.00 price target on shares of Rexnord and gave the stock a “buy” rating in a research note on Sunday, January 27th. Zacks Investment Research downgraded shares of Rexnord from a “hold” rating to a “sell” rating in a research note on Tuesday, January 29th. Robert W. Baird set a $29.00 price target on shares of Rexnord and gave the stock a “buy” rating in a research note on Friday, January 25th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $25.00 price target (down previously from $31.00) on shares of Rexnord in a research note on Thursday, January 3rd. Finally, Barclays reaffirmed a “hold” rating and issued a $30.00 price target on shares of Rexnord in a research note on Friday, February 1st. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $30.63.

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Rexnord 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: How to calculate the intrinsic value of a stock

Want to see what other hedge funds are holding RXN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rexnord Corp (NYSE:RXN).

Institutional Ownership by Quarter for Rexnord (NYSE:RXN)

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