Credit Agricole S A Boosts Holdings in Rexnord Corp (RXN)
Credit Agricole S A increased its stake in shares of Rexnord Corp (NYSE:RXN) by 25.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,049 shares of the industrial products company’s stock after buying an additional 2,854 shares during the quarter. Credit Agricole S A’s holdings in Rexnord were worth $408,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Lord Abbett & CO. LLC purchased a new stake in shares of Rexnord in the 1st quarter valued at about $44,166,000. FMR LLC raised its stake in Rexnord by 21.2% during the 2nd quarter. FMR LLC now owns 6,238,342 shares of the industrial products company’s stock valued at $181,286,000 after acquiring an additional 1,089,253 shares during the last quarter. Cortina Asset Management LLC purchased a new stake in Rexnord during the 1st quarter valued at approximately $21,154,000. Wells Fargo & Company MN raised its stake in Rexnord by 36.1% during the 1st quarter. Wells Fargo & Company MN now owns 2,056,105 shares of the industrial products company’s stock valued at $61,025,000 after acquiring an additional 545,897 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Rexnord by 5.7% during the 1st quarter. BlackRock Inc. now owns 8,629,683 shares of the industrial products company’s stock valued at $256,129,000 after acquiring an additional 467,658 shares during the last quarter.
Shares of RXN traded up $0.81 during trading hours on Friday, hitting $30.84. The stock had a trading volume of 794,327 shares, compared to its average volume of 356,325. The company has a current ratio of 2.40, a quick ratio of 1.62 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $3.12 billion, a P/E ratio of 22.19, a price-to-earnings-growth ratio of 1.07 and a beta of 1.53. Rexnord Corp has a 12-month low of $22.89 and a 12-month high of $31.44.
RXN has been the subject of a number of analyst reports. KeyCorp increased their target price on Rexnord from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 31st. Bank of America increased their target price on Rexnord from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Finally, Oppenheimer restated a “buy” rating and issued a $35.00 price target on shares of Rexnord in a report on Monday, July 30th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Rexnord currently has a consensus rating of “Buy” and an average target price of $32.67.
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.
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