$485.99 Million in Sales Expected for Rexnord Corp (RXN) This Quarter
Analysts predict that Rexnord Corp (NYSE:RXN) will report $485.99 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for Rexnord Corp’s earnings, with estimates ranging from $482.3 million to $492 million. Rexnord Corp reported sales of $471.8 million in the same quarter last year, which indicates a positive year over year growth rate of 3%. The business is expected to announce its next quarterly earnings results on Monday, August 7th.
According to Zacks, analysts expect that Rexnord Corp will report full-year sales of $485.99 million for the current fiscal year, with estimates ranging from $1.97 billion to $1.99 billion. For the next year, analysts forecast that the company will post sales of $2.06 billion per share, with estimates ranging from $2.04 billion to $2.09 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Rexnord Corp.
Rexnord Corp (NYSE:RXN) last issued its quarterly earnings data on Wednesday, May 17th. The industrial products company reported $0.35 earnings per share for the quarter, topping 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 business had revenue of $503.60 million during the quarter, compared to analysts’ expectations of $493.65 million. During the same period in the previous year, the company earned $0.37 earnings per share. Rexnord Corp’s revenue for the quarter was up 2.2% on a year-over-year basis.
RXN has been the subject of several analyst reports. Zacks Investment Research raised shares of Rexnord Corp from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Monday, April 10th. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Rexnord Corp in a research note on Thursday, May 18th. Finally, TheStreet raised shares of Rexnord Corp from a “c+” rating to a “b” rating in a research note on Wednesday, May 17th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Rexnord Corp currently has an average rating of “Buy” and an average target price of $24.25.
In other Rexnord Corp news, CEO Todd A. Adams sold 33,000 shares of Rexnord Corp 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 completion of the transaction, the chief executive officer now directly owns 168,713 shares of the company’s stock, valued at $3,861,840.57. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Quadrature Capital Ltd bought a new position in Rexnord Corp during the fourth quarter worth approximately $967,000. Allianz Asset Management AG bought a new position in Rexnord Corp during the fourth quarter worth approximately $7,150,000. State Street Corp boosted its position in Rexnord Corp by 1.3% in the fourth quarter. State Street Corp now owns 1,510,746 shares of the industrial products company’s stock worth $29,600,000 after buying an additional 19,401 shares during the period. Russell Investments Group Ltd. bought a new position in Rexnord Corp during the fourth quarter worth approximately $4,326,000. Finally, Thrivent Financial for Lutherans boosted its position in Rexnord Corp by 15.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 23,550 shares of the industrial products company’s stock worth $461,000 after buying an additional 3,130 shares during the period. 94.97% of the stock is owned by hedge funds and other institutional investors.
Shares of Rexnord Corp (NYSE:RXN) opened at 23.00 on Friday. Rexnord Corp has a 52 week low of $15.80 and a 52 week high of $25.00. The firm has a market capitalization of $2.38 billion, a PE ratio of 35.94 and a beta of 1.62. The stock has a 50 day moving average of $23.34 and a 200-day moving average of $22.10.
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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