Edgepoint Investment Group Lowers stake in Rexnord Corp (RXN)

Rexnord Corp (RXN) : Edgepoint Investment Group reduced its stake in Rexnord Corp by 1.13% during the most recent quarter end. The investment management company now holds a total of 10,858,801 shares of Rexnord Corp which is valued at $229,663,641 after selling 124,627 shares in Rexnord Corp , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Rexnord Corp makes up approximately 3.78% of Edgepoint Investment Group’s portfolio.

Other Hedge Funds, Including , Blackrock Institutional Trust Company N.a. reduced its stake in RXN by selling 162,191 shares or 6.48% in the most recent quarter. The Hedge Fund company now holds 2,342,173 shares of RXN which is valued at $49,536,959. Rexnord Corp makes up approx 0.01% of Blackrock Institutional Trust Company N.a.’s portfolio.Victory Capital Management Inc boosted its stake in RXN in the latest quarter, The investment management firm added 1,776 additional shares and now holds a total of 4,068 shares of Rexnord Corp which is valued at $86,811. Nine Chapters Capital Management sold out all of its stake in RXN during the most recent quarter. The investment firm sold 78,100 shares of RXN which is valued $1,659,625.Jennison Associates boosted its stake in RXN in the latest quarter, The investment management firm added 76,562 additional shares and now holds a total of 3,943,860 shares of Rexnord Corp which is valued at $82,308,358. Rexnord Corp makes up approx 0.09% of Jennison Associates’s portfolio. Stoneridge Investment Partners sold out all of its stake in RXN during the most recent quarter. The investment firm sold 60,012 shares of RXN which is valued $1,291,458.

Rexnord Corp opened for trading at $21.42 and hit $21.84 on the upside on Friday, eventually ending the session at $21.74, with a gain of 1.12% or 0.24 points. The heightened volatility saw the trading volume jump to 4,04,181 shares. Company has a market cap of $2,233 M.

On the company’s financial health, Rexnord Corp reported $0.35 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.30. The company had revenue of $472.00 million for the quarter, compared to analysts expectations of $458.90 million. The company’s revenue was down -2.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.30 EPS.

Many Wall Street Analysts have commented on Rexnord Corp. Robert W. Baird Downgraded Rexnord Corp on Jun 23, 2016 to ” Neutral”, Price Target of the shares are set at $22.

Rexnord Corporation (Rexnord) 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 engineered mechanical components such as gears and gear drives couplings industrial bearings FlatTop and engineered chain aerospace bearings and seals under various brands including Rexnord Rex Falk and Link-Belt. The Water Management platform designs procures manufactures and markets products that provide water quality safety flow control and conservation under brands such as Zurn Wilkins VAG GA Rodney Hunt and Fontaine. The Water Management product portfolio includes specification drainage products sensor flush valves and faucet products pressure release valves sluice and slide gates butterfly and plug valves control valves and actuation systems and cross-linked polyethylene (PEX) piping.

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