$504.64 Million in Sales Expected for Rexnord Corporation (RXN) This Quarter
Wall Street brokerages expect that Rexnord Corporation (NYSE:RXN) will post $504.64 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Rexnord Corporation’s earnings. The highest sales estimate is $508.00 million and the lowest is $495.80 million. Rexnord Corporation reported sales of $491.00 million in the same quarter last year, which suggests a positive year-over-year growth rate of 2.8%. The firm is expected to report its next earnings results on Wednesday, November 1st.
On average, analysts expect that Rexnord Corporation will report full-year sales of $504.64 million for the current year, with estimates ranging from $1.97 billion to $2.01 billion. For the next fiscal year, analysts anticipate that the company will report sales of $2.07 billion per share, with estimates ranging from $2.03 billion to $2.10 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Rexnord Corporation.
Rexnord Corporation (NYSE:RXN) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.26 by $0.01. Rexnord Corporation had a net margin of 4.22% and a return on equity of 14.27%. The firm had revenue of $487.70 million during the quarter, compared to the consensus estimate of $484.20 million. During the same quarter in the prior year, the firm earned $0.35 EPS. Rexnord Corporation’s revenue for the quarter was up 3.4% on a year-over-year basis.
RXN has been the subject of a number of research analyst reports. Robert W. Baird set a $27.00 price target on shares of Rexnord Corporation and gave the stock a “buy” rating in a research note on Thursday, August 24th. Janney Montgomery Scott assumed coverage on shares of Rexnord Corporation in a report on Friday, July 21st. They issued a “buy” rating and a $27.00 price objective for the company. BidaskClub raised shares of Rexnord Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Zacks Investment Research raised shares of Rexnord Corporation from a “sell” rating to a “hold” rating in a report on Monday, May 22nd. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Rexnord Corporation in a report on Thursday, May 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $26.00.
Shares of Rexnord Corporation (RXN) opened at 25.00 on Friday. The stock has a market cap of $2.59 billion, a P/E ratio of 37.87 and a beta of 1.68. Rexnord Corporation has a 52-week low of $15.80 and a 52-week high of $25.50. The company has a 50-day moving average of $24.03 and a 200 day moving average of $23.46.
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In other Rexnord Corporation news, insider Michael Troutman sold 22,914 shares of Rexnord Corporation stock in a transaction on Friday, September 8th. The shares were sold at an average price of $24.15, for a total value of $553,373.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.50% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Nationwide Fund Advisors boosted its holdings in shares of Rexnord Corporation by 31.0% during the first quarter. Nationwide Fund Advisors now owns 68,212 shares of the industrial products company’s stock valued at $1,574,000 after acquiring an additional 16,142 shares during the period. American Century Companies Inc. boosted its holdings in shares of Rexnord Corporation by 3.1% during the first quarter. American Century Companies Inc. now owns 573,098 shares of the industrial products company’s stock valued at $13,227,000 after acquiring an additional 17,463 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Rexnord Corporation by 67.1% during the first quarter. Bank of New York Mellon Corp now owns 601,852 shares of the industrial products company’s stock valued at $13,891,000 after acquiring an additional 241,772 shares during the period. Swiss National Bank boosted its holdings in shares of Rexnord Corporation by 1.8% during the first quarter. Swiss National Bank now owns 169,000 shares of the industrial products company’s stock valued at $3,901,000 after acquiring an additional 3,000 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its holdings in shares of Rexnord Corporation by 0.4% during the first quarter. UBS Asset Management Americas Inc. now owns 1,557,111 shares of the industrial products company’s stock valued at $35,938,000 after acquiring an additional 6,800 shares during the period.
Rexnord Corporation Company Profile
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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