Rexnord Corp Rating Reiterated by Zacks (RXN)
Rexnord Corp (NYSE:RXN)‘s stock had its “neutral” rating restated by Zacks in a note issued to investors on Tuesday, AnalystRatings.Net reports. They currently have a $31.00 price target on the stock. Zacks‘ price objective indicates a potential upside of 6.38% from the company’s current price.
Zacks‘ analyst wrote, “Rexnord’s earnings per share in fiscal third-quarter 2014 were $0.34, up from $0.19 in the year-ago quarter and above the Zacks Consensus Estimate of $0.32. Revenues grew 4% due to 12% core sales growth in Water Management segment, partially offset by a 1% decline in Process & Motion Control segment. For fiscal 2014, on the back of the acquisition of Precision Gear Holdings and third-quarter results, Rexnord raised its earnings per share guidance range to $1.35-$1.39. Core sales growth is expected to be more than 4%. Going forward, we believe Rexnord will benefit from growing non-residential construction markets in the U.S. and Canada, increasing demand for clean water and rising demand for company’s products in the aerospace industry. Moreover, refinancing of term debts will have a positive impact on free cash flow and earnings. However, we remain wary of active competition and dilutive impact of share offerings on earnings per share. Thus, we maintain a Neutral recommendation on Rexnord.”
In other Rexnord Corp news, Director John Stropki purchased 1,759 shares of Rexnord Corp stock in a transaction dated Thursday, February 20th. The shares were purchased at an average cost of $28.55 per share, with a total value of $50,219.45. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.
Rexnord Corp (NYSE:RXN) traded up 0.82% during mid-day trading on Tuesday, hitting $29.38. The stock had a trading volume of 140,884 shares. Rexnord Corp has a 52 week low of $15.88 and a 52 week high of $29.73. The stock has a 50-day moving average of $27.77 and a 200-day moving average of $23.5. The company has a market cap of $2.880 billion and a P/E ratio of 200.97.
Rexnord Corp (NYSE:RXN) last released its earnings data on Tuesday, January 28th. The company reported $0.17 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.32 by $0.15. Analysts expect that Rexnord Corp will post $1.36 EPS for the current fiscal year.
RXN has been the subject of a number of other recent research reports. Analysts at Robert W. Baird raised their price target on shares of Rexnord Corp from $26.00 to $30.00 in a research note on Tuesday, January 7th. They now have an “outperform” rating on the stock. Separately, analysts at Credit Suisse upgraded shares of Rexnord Corp from a “neutral” rating to an “outperform” rating in a research note on Monday, January 6th. They now have a $31.00 price target on the stock, up previously from $22.00. Finally, analysts at Wedbush initiated coverage on shares of Rexnord Corp in a research note on Friday, December 13th. They set an “outperform” rating on the stock. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Rexnord Corp currently has a consensus rating of “Buy” and a consensus price target of $26.67.
Rexnord Corporation (NYSE:RXN), formerly Rexnord Holdings, Inc, is a multi-platform industrial company.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.