Rexnord Corp (RXN) Lifted to Hold at Zacks Investment Research
Rexnord Corp (NYSE:RXN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Year to date, shares of Rexnord Corporation have outperformed the Zacks categorized Machinery Electrical industry. In fourth-quarter fiscal 2017, the company's earnings and sales surpassed their respective Zacks Consensus Estimate by 6.1% and 1.8%. For fiscal 2018, the company anticipates benefiting from innovation of new products, cost-control measures and strengthening consumer driven end markets. Core sales growth will likely be in low single-digit in the fiscal year. Also, it is on track to complete its supply-chain optimization and footprint-repositioning programs in first-quarter fiscal 2018, realizing annualized cost-savings of $30 million. However, the company is exposed to risks from industry rivalry, forex woes and uncertain economic conditions.”
Other analysts also recently issued reports about the stock. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of Rexnord Corp in a report on Thursday. TheStreet raised shares of Rexnord Corp from a “c+” rating to a “b” rating in a report on Wednesday, May 17th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Rexnord Corp presently has an average rating of “Buy” and an average price target of $24.25.
Rexnord Corp (NYSE:RXN) traded up 0.56% on Monday, reaching $23.26. 487,485 shares of the company’s stock traded hands. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 36.34 and a beta of 1.62. The stock has a 50 day moving average price of $23.30 and a 200 day moving average price of $21.92. Rexnord Corp has a 12-month low of $15.80 and a 12-month high of $25.00.
Rexnord Corp (NYSE:RXN) last released its quarterly earnings data on Wednesday, May 17th. The industrial products company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The business had revenue of $503.60 million for the quarter, compared to the consensus estimate of $493.65 million. Rexnord Corp had a net margin of 2.43% and a return on equity of 19.52%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.37 EPS. Analysts forecast that Rexnord Corp will post $1.35 EPS for the current year.
In related news, CEO Todd A. Adams sold 33,000 shares of the stock in a transaction on Wednesday, April 12th. The shares were sold at an average price of $22.89, for a total transaction of $755,370.00. Following the sale, the chief executive officer now directly owns 168,713 shares of the company’s stock, valued at $3,861,840.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of RXN. Jennison Associates LLC boosted its position in Rexnord Corp by 2.6% in the third quarter. Jennison Associates LLC now owns 4,045,235 shares of the industrial products company’s stock worth $86,608,000 after buying an additional 101,375 shares in the last quarter. BlackRock Fund Advisors boosted its position in Rexnord Corp by 6.7% in the third quarter. BlackRock Fund Advisors now owns 2,180,706 shares of the industrial products company’s stock worth $46,689,000 after buying an additional 137,434 shares in the last quarter. Teachers Advisors LLC boosted its position in Rexnord Corp by 7.3% in the third quarter. Teachers Advisors LLC now owns 144,240 shares of the industrial products company’s stock worth $3,088,000 after buying an additional 9,828 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Rexnord Corp by 166.3% in the third quarter. Ameriprise Financial Inc. now owns 385,001 shares of the industrial products company’s stock worth $8,243,000 after buying an additional 240,432 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Rexnord Corp during the third quarter worth $351,000. 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.
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