Barclays Initiates Coverage on Rexnord (RXN)

Investment analysts at Barclays started coverage on shares of Rexnord (NYSE:RXN) in a research note issued on Thursday. The brokerage set an “equal weight” rating and a $30.00 price target on the industrial products company’s stock. Barclays’ price target indicates a potential upside of 7.30% from the stock’s current price.

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 research report on Monday, January 8th. KeyCorp lifted their price objective on Rexnord from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. Zacks Investment Research downgraded Rexnord from a “hold” rating to a “sell” rating in a research report on Tuesday, January 2nd. UBS Group upgraded Rexnord from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 8th. Finally, Deutsche Bank set a $33.00 target price on Rexnord and gave the stock a “buy” rating in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $30.57.

Rexnord (NYSE:RXN) opened at $27.96 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.49 and a quick ratio of 1.58. Rexnord has a 52-week low of $21.51 and a 52-week high of $31.44. The stock has a market capitalization of $2,852.14, a price-to-earnings ratio of 21.34, a price-to-earnings-growth ratio of 2.06 and a beta of 1.77.

Rexnord (NYSE:RXN) last issued its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $0.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.10. Rexnord had a return on equity of 13.05% and a net margin of 8.29%. The firm had revenue of $492.30 million during the quarter, compared to the consensus estimate of $479.66 million. During the same quarter in the previous year, the company posted $0.25 EPS. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. equities research analysts expect that Rexnord will post 1.33 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in RXN. Northern Trust Corp raised its position in shares of Rexnord by 14.4% during the second quarter. Northern Trust Corp now owns 1,288,551 shares of the industrial products company’s stock worth $29,959,000 after acquiring an additional 162,667 shares during the last quarter. Voya Investment Management LLC raised its position in shares of Rexnord by 36.6% during the second quarter. Voya Investment Management LLC now owns 46,101 shares of the industrial products company’s stock worth $1,072,000 after acquiring an additional 12,342 shares during the last quarter. State Street Corp raised its position in shares of Rexnord by 25.8% during the second quarter. State Street Corp now owns 1,942,018 shares of the industrial products company’s stock worth $45,151,000 after acquiring an additional 397,761 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Rexnord by 23.0% during the second quarter. The Manufacturers Life Insurance Company now owns 79,761 shares of the industrial products company’s stock worth $1,854,000 after acquiring an additional 14,936 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Rexnord by 13.0% during the second quarter. California State Teachers Retirement System now owns 184,503 shares of the industrial products company’s stock worth $4,290,000 after acquiring an additional 21,209 shares during the last quarter.

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About Rexnord

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.

Analyst Recommendations for Rexnord (NYSE:RXN)

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