Rexnord (NYSE:RXN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, January 9th.
According to Zacks, “In the last six months, shares of Rexnord Corporation have outperformed the industry. For fiscal 2018, the company anticipates benefiting from a solid product portfolio, supply-chain optimization and footprint-repositioning programs and the strengthening global food & beverage and commercial aerospace end markets. Also, accelerated demand from nonresidential and residential construction markets of the United States and Canada and water and wastewater infrastructure markets of China and Rest of the World will prove beneficial. However, the company is exposed to risks arising from industry rivalry, forex woes, geo-political issues and uncertain economic conditions. For fiscal 2018, the company anticipates water and waste water infrastructure to decline in the Middle East.”
RXN has been the subject of several other research reports. Bank of America upgraded Rexnord from a “neutral” rating to a “buy” rating in a report on Monday, January 8th. TheStreet downgraded Rexnord from a “b-” rating to a “c+” rating in a research note on Wednesday, November 15th. Finally, Oppenheimer restated a “hold” rating on shares of Rexnord in a research note on Thursday, September 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $30.00.
Shares of Rexnord (NYSE:RXN) traded down $0.90 during trading hours on Tuesday, hitting $28.51. The stock had a trading volume of 403,030 shares, compared to its average volume of 836,310. The company has a debt-to-equity ratio of 1.37, a current ratio of 3.08 and a quick ratio of 2.23. Rexnord has a one year low of $21.51 and a one year high of $31.44. The firm has a market capitalization of $2,922.84 and a price-to-earnings ratio of 21.46.
Rexnord (NYSE:RXN) last issued its earnings results on Wednesday, January 31st. The industrial products company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.10. Rexnord had a return on equity of 13.45% and a net margin of 8.29%. The company had revenue of $492.30 million for the quarter, compared to analyst estimates of $479.66 million. During the same period in the prior year, the firm earned $0.25 earnings per share. Rexnord’s revenue for the quarter was up 9.0% on a year-over-year basis. research analysts anticipate that Rexnord will post 1.26 EPS for the current year.
Several hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC lifted its holdings in shares of Rexnord by 5.5% during the 3rd quarter. Janus Henderson Group PLC now owns 14,177,506 shares of the industrial products company’s stock valued at $360,250,000 after purchasing an additional 738,129 shares during the last quarter. BlackRock Inc. grew its position in shares of Rexnord by 14.4% in the second quarter. BlackRock Inc. now owns 7,026,845 shares of the industrial products company’s stock valued at $163,374,000 after purchasing an additional 883,165 shares during the last quarter. Impax Asset Management LTD grew its position in shares of Rexnord by 4.1% in the third quarter. Impax Asset Management LTD now owns 3,203,772 shares of the industrial products company’s stock valued at $81,408,000 after purchasing an additional 125,327 shares during the last quarter. Capital World Investors grew its position in shares of Rexnord by 3.4% in the second quarter. Capital World Investors now owns 3,000,000 shares of the industrial products company’s stock valued at $69,750,000 after purchasing an additional 100,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Rexnord by 2.8% in the third quarter. Dimensional Fund Advisors LP now owns 2,665,666 shares of the industrial products company’s stock valued at $67,735,000 after purchasing an additional 73,216 shares during the last quarter.
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Rexnord Company Profile
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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