Rexnord Corp (RXN) Releases Quarterly Earnings Results, Misses Expectations By $0.08 EPS
Rexnord Corp (NYSE:RXN) announced its earnings results on Wednesday. The company reported $0.39 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.47 by $0.08, ARN reports. The company had revenue of $569.70 million for the quarter, compared to the consensus estimate of $582.77 million. Rexnord Corp’s revenue was up 5.4% compared to the same quarter last year.
A number of analysts have recently weighed in on RXN shares. Analysts at Bank of America downgraded shares of Rexnord Corp from a “neutral” rating to an “underperform” rating in a research note on Wednesday, April 23rd. They now have a $29.00 price target on the stock. They noted that the move was a valuation call. Analysts at Zacks reiterated a “neutral” rating on shares of Rexnord Corp in a research note on Tuesday, February 25th. They now have a $31.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $27.00.
Shares of Rexnord Corp (NYSE:RXN) traded down 1.19% on Wednesday, hitting $26.60. 361,161 shares of the company’s stock traded hands. Rexnord Corp has a 1-year low of $15.88 and a 1-year high of $30.94. The stock has a 50-day moving average of $27.45 and a 200-day moving average of $27.05. The company has a market cap of $2.607 billion and a price-to-earnings ratio of 185.66.
Rexnord Corporation (NYSE:RXN), formerly Rexnord Holdings, Inc, is a multi-platform industrial company.
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