An issue of Rexnord Corp (NYSE:RXN) bonds fell 0.8% against their face value during trading on Monday. The high-yield debt issue has a 4.875% coupon and will mature on December 15, 2025. The debt is now trading at $99.00 and was trading at $99.50 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
Several analysts have recently commented on the company. UBS Group upgraded Rexnord from a “market perform” rating to an “outperform” rating in a report on Thursday, February 8th. Barclays assumed coverage on Rexnord in a report on Thursday. They set an “equal weight” rating and a $30.00 target price on the stock. KeyCorp increased their target price on Rexnord from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. TheStreet raised Rexnord from a “c+” rating to a “b” rating in a research note on Friday, January 26th. Finally, Oppenheimer raised Rexnord from a “market perform” rating to an “outperform” rating and set a $33.00 price target on the stock in a research note on Thursday, February 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $30.57.
Shares of Rexnord Corp (RXN) traded down $0.03 on Monday, hitting $27.96. The stock had a trading volume of 691,500 shares, compared to its average volume of 885,645. The company has a quick ratio of 1.58, a current ratio of 2.49 and a debt-to-equity ratio of 1.05. Rexnord Corp has a twelve month low of $21.51 and a twelve month high of $31.44. The firm has a market capitalization of $2,907.25, a price-to-earnings ratio of 21.34, a PEG ratio of 2.10 and a beta of 1.77.
Rexnord (NYSE:RXN) last issued its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $0.37 earnings per share (EPS) for the quarter, beating the 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 business had revenue of $492.30 million for the quarter, compared to analyst estimates of $479.66 million. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. equities analysts predict that Rexnord Corp will post 1.33 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of the company. Citadel Advisors LLC acquired a new position in Rexnord in the third quarter valued at about $2,505,000. Nordea Investment Management AB lifted its stake in Rexnord by 11.0% in the third quarter. Nordea Investment Management AB now owns 87,939 shares of the industrial products company’s stock valued at $2,235,000 after buying an additional 8,744 shares during the period. Dimensional Fund Advisors LP lifted its stake in 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 buying an additional 73,216 shares during the period. Trexquant Investment LP acquired a new position in Rexnord in the third quarter valued at about $771,000. Finally, Convergence Investment Partners LLC acquired a new position in Rexnord in the fourth quarter valued at about $3,225,000. 99.67% of the stock is currently owned by institutional investors and hedge funds.
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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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