Analysts Expect Rexnord Corporation (RXN) Will Announce Quarterly Sales of $505.74 Million
Wall Street brokerages forecast that Rexnord Corporation (NYSE:RXN) will announce sales of $505.74 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Rexnord Corporation’s earnings. The highest sales estimate is $510.40 million and the lowest is $495.80 million. Rexnord Corporation reported sales of $491.00 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 3%. The business is expected to issue its next quarterly earnings report after the market closes on Wednesday, November 1st.
On average, analysts expect that Rexnord Corporation will report full year sales of $505.74 million for the current fiscal year, with estimates ranging from $1.97 billion to $2.03 billion. For the next year, analysts expect that the company will report sales of $2.08 billion per share, with estimates ranging from $2.03 billion to $2.14 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Rexnord Corporation.
Rexnord Corporation (NYSE:RXN) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. Rexnord Corporation had a return on equity of 14.27% and a net margin of 4.22%. The firm had revenue of $487.70 million for the quarter, compared to analyst estimates of $484.20 million. During the same period in the prior year, the firm posted $0.35 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis.
A number of analysts have issued reports on RXN shares. Robert W. Baird set a $27.00 target price on Rexnord Corporation and gave the stock a “buy” rating in a research report on Thursday, August 24th. Janney Montgomery Scott started coverage on Rexnord Corporation in a research report on Friday, July 21st. They issued a “buy” rating and a $27.00 target price for the company. Zacks Investment Research raised Rexnord Corporation from a “sell” rating to a “hold” rating in a research report on Monday, October 16th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Rexnord Corporation in a research report on Thursday, September 28th. Finally, BidaskClub cut Rexnord Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Rexnord Corporation currently has a consensus rating of “Hold” and a consensus target price of $26.00.
Rexnord Corporation (RXN) opened at 25.89 on Friday. Rexnord Corporation has a one year low of $15.80 and a one year high of $26.24. The firm has a 50-day moving average price of $25.18 and a 200-day moving average price of $23.89. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 39.23 and a beta of 1.63.
In other news, insider Michael Troutman sold 22,914 shares of Rexnord Corporation stock in a transaction on Friday, September 8th. The stock was sold at an average price of $24.15, for a total value of $553,373.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.50% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC purchased a new position in shares of Rexnord Corporation in the second quarter valued at $312,466,000. Vanguard Group Inc. grew its position in shares of Rexnord Corporation by 6.3% in the first quarter. Vanguard Group Inc. now owns 8,282,119 shares of the industrial products company’s stock valued at $191,151,000 after purchasing an additional 487,513 shares in the last quarter. BlackRock Inc. grew its position in shares of Rexnord Corporation by 14.4% in the second quarter. BlackRock Inc. now owns 7,026,845 shares of the industrial products company’s stock valued at $163,374,000 after purchasing an additional 883,165 shares in the last quarter. Capital World Investors grew its position in shares of Rexnord Corporation by 3.4% in the second quarter. Capital World Investors now owns 3,000,000 shares of the industrial products company’s stock valued at $69,750,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Rexnord Corporation by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,592,450 shares of the industrial products company’s stock valued at $60,275,000 after purchasing an additional 88,110 shares in the last quarter.
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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