Victory Capital Management Inc. Sells 50,790 Shares of Rexnord Corp (RXN)

Victory Capital Management Inc. lessened its holdings in Rexnord Corp (NYSE:RXN) by 17.3% in the 1st quarter, HoldingsChannel reports. The firm owned 243,500 shares of the industrial products company’s stock after selling 50,790 shares during the quarter. Victory Capital Management Inc.’s holdings in Rexnord were worth $6,122,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of RXN. AdvisorNet Financial Inc acquired a new position in Rexnord in the fourth quarter worth about $25,000. NumerixS Investment Technologies Inc acquired a new stake in shares of Rexnord in the fourth quarter valued at approximately $25,000. Essex Investment Management Co. LLC acquired a new stake in shares of Rexnord in the fourth quarter valued at approximately $43,000. Quantamental Technologies LLC acquired a new stake in shares of Rexnord in the fourth quarter valued at approximately $73,000. Finally, Ibex Investors LLC acquired a new stake in shares of Rexnord in the fourth quarter valued at approximately $215,000.

RXN has been the subject of a number of research reports. Oppenheimer set a $35.00 price target on shares of Rexnord and gave the company a “buy” rating in a report on Sunday, January 27th. Robert W. Baird set a $29.00 price objective on shares of Rexnord and gave the company a “buy” rating in a research note on Friday, January 25th. Zacks Investment Research cut shares of Rexnord from a “hold” rating to a “sell” rating in a research note on Tuesday, January 29th. Finally, Barclays reaffirmed a “hold” rating and issued a $30.00 price objective 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 assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $30.63.

In other news, CFO Mark W. Peterson sold 19,663 shares of Rexnord stock in a transaction on Friday, May 17th. The shares were sold at an average price of $28.01, for a total transaction of $550,760.63. Following the transaction, the chief financial officer now directly owns 52,196 shares of the company’s stock, valued at $1,462,009.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Todd A. Adams sold 30,000 shares of Rexnord stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $28.00, for a total transaction of $840,000.00. Following the transaction, the chief executive officer now directly owns 211,792 shares in the company, valued at $5,930,176. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 237,249 shares of company stock worth $6,543,758. Insiders own 4.50% of the company’s stock.

RXN stock traded down $0.45 during midday trading on Thursday, reaching $26.91. The company’s stock had a trading volume of 4,798 shares, compared to its average volume of 660,878. Rexnord Corp has a 52 week low of $21.38 and a 52 week high of $32.11. The stock has a market cap of $2.90 billion, a PE ratio of 14.59, a PEG ratio of 1.14 and a beta of 1.56. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.68 and a current ratio of 2.48.

Rexnord (NYSE:RXN) last announced its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.04. Rexnord had a net margin of 1.68% and a return on equity of 19.22%. The firm had revenue of $537.50 million for the quarter, compared to analysts’ expectations of $543.89 million. During the same period last year, the firm earned $0.47 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, sell-side analysts predict that Rexnord Corp will post 1.96 earnings per share for the current fiscal year.

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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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