A number of other brokerages also recently weighed in on RXN. Zacks Investment Research downgraded shares of Rexnord from a buy rating to a hold rating in a research note on Friday, November 30th. ValuEngine downgraded shares of Rexnord from a buy rating to a hold rating in a research note on Tuesday, November 27th. Credit Suisse Group reaffirmed a neutral rating and issued a $31.00 target price on shares of Rexnord in a research note on Friday, November 23rd. Goldman Sachs Group initiated coverage on shares of Rexnord in a research note on Tuesday, October 2nd. They issued a neutral rating and a $31.00 target price for the company. Finally, Oppenheimer boosted their target price on shares of Rexnord from $35.00 to $37.00 and gave the stock a buy rating in a research note on Wednesday, October 10th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $32.63.
NYSE:RXN opened at $26.44 on Monday. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 19.02, a PEG ratio of 0.92 and a beta of 1.49. Rexnord has a 12 month low of $23.75 and a 12 month high of $32.11. The company has a current ratio of 2.23, a quick ratio of 1.50 and a debt-to-equity ratio of 1.17.
Rexnord (NYSE:RXN) last announced its earnings results on Tuesday, October 30th. The industrial products company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.04. Rexnord had a negative net margin of 0.89% and a positive return on equity of 16.99%. The company had revenue of $524.80 million during the quarter, compared to the consensus estimate of $516.66 million. During the same period in the previous year, the firm posted $0.32 earnings per share. The company’s revenue was up 15.6% on a year-over-year basis. Research analysts predict that Rexnord will post 1.75 earnings per share for the current fiscal year.
In other Rexnord news, Director Theodore D. Crandall purchased 4,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The stock was acquired at an average cost of $27.84 per share, with a total value of $111,360.00. Following the completion of the purchase, the director now directly owns 20,330 shares in the company, valued at approximately $565,987.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig Wehr sold 14,964 shares of the business’s stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $28.00, for a total transaction of $418,992.00. Following the sale, the insider now directly owns 22,518 shares of the company’s stock, valued at $630,504. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,964 shares of company stock valued at $850,167. 4.50% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC raised its stake in shares of Rexnord by 22.3% during the second quarter. SG Americas Securities LLC now owns 9,266 shares of the industrial products company’s stock worth $269,000 after buying an additional 1,692 shares during the last quarter. Raymond James & Associates raised its stake in shares of Rexnord by 7.8% during the second quarter. Raymond James & Associates now owns 28,305 shares of the industrial products company’s stock worth $823,000 after buying an additional 2,043 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Rexnord by 0.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 254,219 shares of the industrial products company’s stock worth $7,830,000 after buying an additional 2,085 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Rexnord by 2.2% during the second quarter. Rhumbline Advisers now owns 107,108 shares of the industrial products company’s stock worth $3,113,000 after buying an additional 2,257 shares during the last quarter. Finally, MetLife Investment Advisors LLC increased its stake in Rexnord by 5.4% in the second quarter. MetLife Investment Advisors LLC now owns 47,803 shares of the industrial products company’s stock valued at $1,389,000 after purchasing an additional 2,446 shares in the last quarter.
Rexnord Company Profile
Rexnord Corporation designs, manufactures, and markets process and motion control, and water management products worldwide. It operates in two segments, Process & Motion Control Platform and Water Management Platform. The company offers table top conveying chain and related accessories, metal conveying and engineered woven metals, gearing and gear drives, conveying equipment, industrial chain, and custom assemblies; custom-engineered, application-specific miniature gearboxes, and motion control assemblies and components used in aerospace, defense, medical equipment, robotics, semiconductor, instrumentation, and satellite communications; and shaft management products, including couplings, torque limiters, electromagnetic clutches and brakes, industrial bearings, and shaft locking assemblies.
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