Rexnord Corp Price Target Raised to $30.00 at Robert W. Baird (RXN)
Equities researchers at Robert W. Baird lifted their price objective on shares of Rexnord Corp (NYSE:RXN) from $26.00 to $30.00 in a research report issued on Tuesday, American Banking News reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s target price would indicate a potential upside of 5.30% from the company’s current price.
Shares of Rexnord Corp (NYSE:RXN) traded up 0.46% during mid-day trading on Tuesday, hitting $28.49. 308,455 shares of the company’s stock traded hands. Rexnord Corp has a 1-year low of $15.88 and a 1-year high of $29.29. The stock’s 50-day moving average is $25.37 and its 200-day moving average is $21.31. The company’s market cap is $2.786 billion.
Rexnord Corp (NYSE:RXN) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.30 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.26 by $0.04. The company had revenue of $515.00 million for the quarter, compared to the consensus estimate of $513.67 million. On average, analysts predict that Rexnord Corp will post $1.35 earnings per share for the current fiscal year.
A number of other firms have also recently commented on RXN. Analysts at Credit Suisse upgraded shares of Rexnord Corp from a “neutral” rating to an “outperform” rating in a research note to investors on Monday. They now have a $31.00 price target on the stock, up previously from $22.00. Separately, analysts at Zacks downgraded shares of Rexnord Corp from an “outperform” rating to a “neutral” rating in a research note to investors on Friday. They now have a $28.00 price target on the stock. Finally, analysts at Wedbush initiated coverage on shares of Rexnord Corp in a research note to investors on Friday, December 13th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Rexnord Corp currently has a consensus rating of “Hold” and a consensus target price of $25.43.
In other Rexnord Corp news, EVP Praveen Jeyarajah sold 27,500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $26.90, for a total transaction of $739,750.00. Following the sale, the executive vice president now directly owns 140,426 shares in the company, valued at approximately $3,777,459. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Rexnord Corporation (NYSE:RXN), formerly Rexnord Holdings, Inc, is a multi-platform industrial company.
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