TheStreet Upgrades Rexnord Corp (RXN) to B
Rexnord Corp (NYSE:RXN) was upgraded by equities research analysts at TheStreet from a “c+” rating to a “b” rating in a report released on Wednesday.
Other analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Rexnord Corp from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a report on Monday, April 10th. Oppenheimer Holdings Inc. restated a “hold” rating on shares of Rexnord Corp in a report on Thursday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Rexnord Corp presently has a consensus rating of “Buy” and a consensus price target of $24.25.
Rexnord Corp (NYSE:RXN) traded up 1.12% on Wednesday, hitting $23.50. 417,367 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $23.29 and a 200-day moving average price of $21.90. Rexnord Corp has a 52-week low of $15.80 and a 52-week high of $25.00. The stock has a market cap of $2.43 billion, a P/E ratio of 36.72 and a beta of 1.62.
Rexnord Corp (NYSE:RXN) last announced its earnings results on Wednesday, May 17th. The industrial products company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.02. Rexnord Corp had a net margin of 2.43% and a return on equity of 19.52%. The firm had revenue of $503.60 million for the quarter, compared to analysts’ expectations of $493.65 million. During the same quarter in the previous year, the business posted $0.37 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. Analysts predict that Rexnord Corp will post $1.35 earnings per share for the current fiscal year.
WARNING: “TheStreet Upgrades Rexnord Corp (RXN) to B” was first posted by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another website, it was illegally stolen and reposted in violation of US and international copyright laws. The legal version of this news story can be accessed at https://www.americanbankingnews.com/2017/05/19/thestreet-upgrades-rexnord-corp-rxn-to-b.html.
In related news, CEO Todd A. Adams sold 33,000 shares of the company’s stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $22.89, for a total value of $755,370.00. Following the transaction, the chief executive officer now owns 168,713 shares in the company, valued at approximately $3,861,840.57. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.40% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. WFG Advisors LP purchased a new position in shares of Rexnord Corp during the fourth quarter worth about $103,000. Tower Research Capital LLC TRC boosted its position in shares of Rexnord Corp by 6,055.4% in the second quarter. Tower Research Capital LLC TRC now owns 6,217 shares of the industrial products company’s stock worth $122,000 after buying an additional 6,116 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of Rexnord Corp during the first quarter worth about $165,000. BNP Paribas Arbitrage SA boosted its position in shares of Rexnord Corp by 152.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,853 shares of the industrial products company’s stock worth $193,000 after buying an additional 5,957 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new position in shares of Rexnord Corp during the first quarter worth about $202,000. Institutional investors own 94.97% of the company’s stock.
About Rexnord Corp
Rexnord Corporation is a multi-platform industrial company. The Company operates through two segments: Process & Motion Control platform, and Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a range of engineered mechanical components used within systems.
Receive News & Ratings for Rexnord Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rexnord Corp and related companies with MarketBeat.com's FREE daily email newsletter.