The Vanguard Group, Inc. recently announced the acquisition of new stake in Rexnord Corporation (NYSE:RXN). The institutional investor has increased its shareholding in the Industrials company by 5.89% to 10.34 million shares with purchase of 0.58 million shares. This fresh investment now brings its stake to 8.57% valued currently at $299.62 million. In addition, Wellington Management Co. LLP raised its holdings by 1.19 million to 8.39 million shares. And Macquarie Investment Management B.. has lifted its position by 7.30% or 0.28 million shares – to 4.17 million shares.
With over 1.14 million Rexnord Corporation (RXN) shares trading Tuesday and a closing price of $30.27 on the day, the dollar volume was approximately $34.62 million. The shares have shown a positive weekly performance of 2.37% and its price on 09/01/20 gained nearly 4.52%. Currently, there are 120.25M common shares owned by the public and among those 119.62M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for RXN have a consensus price objective of $36.50. The analysts have set the share’s price value over the next 12 months at a high of $48.00 and a low of $32.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Rexnord Corporation stock is 2.10 for the next 12 months. The average price target is 13.76% above its last price level and an upside to the estimated low will see the stock gain 5.41% over that period. But an upside of 36.94% will see the stock hit the forecast high price target while mean target price for the stock is $35.50.
Insiders at the company have transacted a total of 107 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 55 of these insider trades were purchases, accounting for 2,362,486 shares. Insider sales of the common stock occurred on 52 occasions, with total insider shares sold totaling 2,164,547 shares.
The top 3 mutual fund holders in Rexnord Corporation are Janus Henderson Enterprise Fund, American Funds Small Cap World Fu, and Janus Henderson Triton Fund. Janus Henderson Enterprise Fund owns 5.72 million shares of the company’s stock, all valued at over $165.68 million. The company sold -1.55 million shares recently to bring their total holdings to about 4.74% of the shares outstanding. American Funds Small Cap World Fu sold -1.0 million shares to see its total holdings shrink to 4.83 million shares valued at over $139.87 million and representing 4.00% of the shares outstanding. Janus Henderson Triton Fund sold -0.45 million shares to bring its total holdings to over 4.04 million shares at a value of $116.96 million. Janus Henderson Triton Fund now owns shares totaling to 3.35% of the shares outstanding.
Shares of Rexnord Corporation (NYSE: RXN) opened at $28.75, down -$0.21 from a prior closing price of $28.96. However, the script later closed the day at $30.27, up 4.52%. The company’s stock has a 5-day price change of 2.37% and -4.06% over the past three months. RXN shares are trading -7.20% year to date (YTD), with the 12-month market performance up to 18.33% higher. It has a 12-month low price of $18.87 and touched a high of $35.64 over the same period. Currently, 1.14 million shares have been traded, compared to an average intraday trading volume of 754.33K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.07%, 2.76%, and 3.00% respectively.
Institutional ownership of Rexnord Corporation (NYSE: RXN) 120.25M shares outstanding. Mutual fund holders own 31.52%, while other institutional holders and individual stakeholders account for 68.32% and 15.47% respectively.
It has a market capitalization of $3.67B and a beta (3y monthly) value of 1.56. The stock’s trailing 12-month PE ratio is 23.32, while the earnings-per-share (ttm) stands at $1.30. The company has a PEG of 16.86 and a Quick Ratio of 1.70 with the debt-to-equity ratio at 0.91. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.07% over the week and 2.84% over the month.
Analysts forecast that Rexnord Corporation (RXN) will achieve an EPS of $0.38 for the current quarter, $0.36 for the next quarter and $1.9 for 2022. The lowest estimate earnings-per-share for the quarter is $0.34 while analysts give the company a high EPS estimate of $0.43. Comparatively, EPS for the current quarter was $0.51 a year ago. Earnings per share for the fiscal year are expected to decrease by -15.30%, and 16.08% over the next financial year. EPS should shrink at an annualized rate of 1.38% over the next five years, compared to 9.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Rexnord Corporation (RXN) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 4 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RXN, a number of firms have released research notes about the stock. Deutsche Bank stated their Buy rating for the stock in a research note on July 14, 2020, with the firm’s price target at $29-$34. BofA/Merrill coverage for the Rexnord Corporation (RXN) stock in a research note released on May 26, 2020 offered a Neutral rating with a price target of. Robert W. Baird was of a view on January 29, 2020 that the stock is Outperform, while BofA/Merrill gave the stock Buy rating on December 17, 2019, issuing a price target of. Robert W. Baird on their part issued Neutral rating on September 03, 2019.