Zacks Investment Research upgraded shares of Rexnord Corporation (NYSE:RXN) from a sell rating to a hold rating in a research note released on Monday morning.
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.”
RXN has been the subject of several other research reports. Oppenheimer Holdings, Inc. restated a hold rating on shares of Rexnord Corporation in a report on Thursday, September 28th. BidaskClub cut shares of Rexnord Corporation from a hold rating to a sell rating in a report on Tuesday, August 1st. Robert W. Baird set a $27.00 target price on shares of Rexnord Corporation and gave the company a buy rating in a report on Thursday, August 24th. Finally, Janney Montgomery Scott initiated coverage on shares of Rexnord Corporation in a report on Friday, July 21st. They issued a buy rating and a $27.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $26.00.
Rexnord Corporation (RXN) opened at 25.81 on Monday. The stock has a market cap of $2.68 billion, a PE ratio of 39.11 and a beta of 1.63. Rexnord Corporation has a 12-month low of $15.80 and a 12-month high of $26.24. The firm has a 50 day moving average of $24.94 and a 200-day moving average of $23.81.
Rexnord Corporation (NYSE:RXN) last issued its earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.01. Rexnord Corporation had a net margin of 4.22% and a return on equity of 14.27%. The business had revenue of $487.70 million during the quarter, compared to analysts’ expectations of $484.20 million. During the same quarter in the prior year, the business posted $0.35 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, analysts expect that Rexnord Corporation will post $1.27 earnings per share for the current year.
In related news, insider Michael Troutman sold 22,914 shares of the company’s stock in a transaction 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.50% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in RXN. Janus Henderson Group PLC purchased a new stake in Rexnord Corporation in the 2nd quarter valued at $312,466,000. BlackRock Inc. raised its position in Rexnord Corporation by 11,563.1% in 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 position in Rexnord Corporation by 292.1% in 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 position in Rexnord Corporation by 42.5% in 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 purchased a new stake in Rexnord Corporation in the 2nd quarter valued at $13,292,000.
Rexnord Corporation 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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