Rexnord Corp Receives Outperform Rating from Zacks (RXN)
Rexnord Corp (NYSE:RXN)‘s stock had its “outperform” rating reiterated by Zacks in a report released on Monday, StockRatingsNetwork reports. They currently have a $25.00 price objective on the stock. Zacks‘ price target suggests a potential upside of 20.13% from the stock’s previous close.
Zacks‘ analyst wrote, “Rexnord seems well positioned to grow its Process & Motion Control and Water Management platforms by leveraging benefits from the increasing backlog in the non-residential construction market in U.S. and Canada, growing demand for clean water and rising demand in the aerospace industry. Also, recently acquired assets of Micro Precision Gear and LWG Specialised Plumbing Products are expected to boost Rexnord’s business in the civil aerospace industry and expand its Zurn brand products sales in Australia, respectively. Talking of results in the fiscal first quarter 2014, core sales growth was driven by diversified product portfolio, improving demands, and benefits derived from growth initiatives undertaken. For fiscal 2014, core sales growth guidance has been raised to 2%-4% while the lower end of the earnings guidance has been raised by $0.02 to $1.12-$1.18. Moreover, refinancing of term debts will have positive impact on free cash flow and earnings. Considering the above, we initiate our coverage on Rexnord with an Outperform recommendation.”
Shares of Rexnord Corp (NYSE:RXN) traded down 2.69% on Monday, hitting $20.25. The stock had a trading volume of 82,679 shares. Rexnord Corp has a 52-week low of $15.88 and a 52-week high of $22.45. The stock’s 50-day moving average is $19.8 and its 200-day moving average is $18.94. The company has a market cap of $1.972 billion and a P/E ratio of 31.82.
Rexnord Corp (NYSE:RXN) last announced its earnings results on Wednesday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.03.
Separately, analysts at BMO Capital Markets raised their price target on shares of Rexnord Corp from $22.00 to $23.00 in a research note to investors on Friday, August 30th. They now have an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Rexnord Corp has a consensus rating of “Hold” and an average price target of $21.67.
In other Rexnord Corp news, CEO Todd Adams unloaded 40,000 shares of Rexnord Corp stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $19.45, for a total value of $778,000.00. Following the sale, the chief executive officer now directly owns 42,000 shares of the company’s stock, valued at approximately $816,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Rexnord Corporation (NYSE:RXN), formerly Rexnord Holdings, Inc, is a multi-platform industrial company.
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