Rexnord Corporation (RXN) Receives Consensus Recommendation of “Hold” from Brokerages
Rexnord Corporation (NYSE:RXN) has earned an average recommendation of “Hold” from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $26.00.
A number of equities research analysts have recently issued reports on the stock. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Rexnord Corporation in a research report on Thursday, September 28th. Zacks Investment Research upgraded shares of Rexnord Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Janney Montgomery Scott assumed coverage on shares of Rexnord Corporation in a research report on Friday, July 21st. They set a “buy” rating and a $27.00 price target for the company. BidaskClub upgraded shares of Rexnord Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, Robert W. Baird set a $27.00 price target on shares of Rexnord Corporation and gave the company a “buy” rating in a research report on Thursday, August 24th.
In other news, insider Michael Troutman sold 22,914 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $24.15, for a total transaction of $553,373.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.50% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Manchester Capital Management LLC increased its stake in shares of Rexnord Corporation by 171.6% during the 2nd quarter. Manchester Capital Management LLC now owns 5,540 shares of the industrial products company’s stock worth $129,000 after purchasing an additional 3,500 shares in the last quarter. Strs Ohio purchased a new position in shares of Rexnord Corporation during the 2nd quarter worth approximately $139,000. US Bancorp DE increased its stake in shares of Rexnord Corporation by 79.9% during the 2nd quarter. US Bancorp DE now owns 6,074 shares of the industrial products company’s stock worth $141,000 after purchasing an additional 2,697 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of Rexnord Corporation during the 1st quarter worth approximately $165,000. Finally, Karp Capital Management Corp purchased a new position in shares of Rexnord Corporation during the 1st quarter worth approximately $202,000.
Rexnord Corporation (RXN) traded down 0.73% during midday trading on Wednesday, reaching $25.82. The company’s stock had a trading volume of 966,363 shares. The company’s 50-day moving average is $24.49 and its 200 day moving average is $23.66. The firm has a market capitalization of $2.68 billion, a P/E ratio of 39.12 and a beta of 1.63. Rexnord Corporation has a 52 week low of $15.80 and a 52 week high of $26.11.
Rexnord Corporation (NYSE:RXN) last posted its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $487.70 million during the quarter, compared to the consensus estimate of $484.20 million. During the same period last year, the firm earned $0.35 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts expect that Rexnord Corporation will post $1.27 earnings per share for the current fiscal year.
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About Rexnord Corporation
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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