Rexnord Corporation (NYSE:RXN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday, October 16th.
According to Zacks, “In the last three months, shares of Rexnord Corporation have outperformed the industry. We believe that the company has the potential to expand its businesses by leveraging the accelerated demand from non-residential construction markets in the U.S. For fiscal 2018, the company anticipates benefiting from innovation of new products, cost-control measures and strengthening consumer driven end markets. Also, it is on track to reap benefits from its supply-chain optimization and footprint-repositioning programs completed in the fiscal first quarter. However, the company is exposed to industry rivalry, forex woes and uncertain economic conditions. Adverse foreign currency movements had a negative 1% impact on sales in the fiscal first quarter.”
Other research analysts also recently issued reports about the stock. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Rexnord Corporation in a research report on Thursday, September 28th. BidaskClub downgraded shares of Rexnord Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Robert W. Baird set a $27.00 target price on shares of Rexnord Corporation and gave the stock a “buy” rating in a research report on Thursday, August 24th. Finally, Janney Montgomery Scott initiated coverage on shares of Rexnord Corporation in a research report on Friday, July 21st. They issued a “buy” rating and a $27.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $26.00.
Rexnord Corporation (NYSE RXN) opened at 25.66 on Monday. The company has a 50-day moving average price of $25.29 and a 200-day moving average price of $23.97. Rexnord Corporation has a 52 week low of $15.80 and a 52 week high of $26.24. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 38.88 and a beta of 1.63.
Rexnord Corporation (NYSE:RXN) last announced its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.01. The company had revenue of $487.70 million for the quarter, compared to analysts’ expectations of $484.20 million. Rexnord Corporation had a net margin of 4.22% and a return on equity of 14.27%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS. Equities research analysts anticipate that Rexnord Corporation will post $1.27 EPS for the current year.
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In other Rexnord Corporation news, insider Michael Troutman sold 22,914 shares of Rexnord Corporation stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $24.15, for a total value of $553,373.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.50% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of RXN. Janus Henderson Group PLC acquired a new stake in shares of Rexnord Corporation in the second quarter worth $312,466,000. BlackRock Inc. raised its stake in Rexnord Corporation by 11,563.1% during the 1st quarter. BlackRock Inc. now owns 6,143,680 shares of the industrial products company’s stock valued at $141,795,000 after purchasing an additional 6,091,004 shares during the last quarter. Wellington Management Group LLP raised its stake in Rexnord Corporation by 292.1% during the 1st quarter. Wellington Management Group LLP now owns 1,925,739 shares of the industrial products company’s stock valued at $44,446,000 after purchasing an additional 1,434,614 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Rexnord Corporation by 42.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,028,346 shares of the industrial products company’s stock valued at $47,159,000 after purchasing an additional 604,555 shares during the last quarter. Finally, Balyasny Asset Management LLC acquired a new position in Rexnord Corporation during the 2nd quarter valued at $13,292,000.
About Rexnord Corporation
Rexnord Corporation 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 a range of engineered mechanical components used within systems.
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