Rexnord Corporation (RXN) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS
Rexnord Corporation (NYSE:RXN) posted its earnings results on Wednesday. The industrial products company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.31 by $0.01, Bloomberg Earnings reports. Rexnord Corporation had a net margin of 4.22% and a return on equity of 14.27%. The business had revenue of $510.80 million for the quarter, compared to the consensus estimate of $505.75 million. During the same period last year, the company earned $0.38 EPS. The firm’s revenue was up 4.0% compared to the same quarter last year.
In related news, insider Michael Troutman sold 22,914 shares of the firm’s 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.50% of the company’s stock.
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RXN has been the subject of several analyst reports. Zacks Investment Research lowered shares of Rexnord Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Janney Montgomery Scott initiated coverage on shares of Rexnord Corporation in a report on Friday, July 21st. They set a “buy” rating and a $27.00 price target for the company. BidaskClub lowered shares of Rexnord Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Robert W. Baird set a $27.00 price target on shares of Rexnord Corporation and gave the stock a “buy” rating in a report on Thursday, August 24th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Rexnord Corporation in a report on Thursday, September 28th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $26.00.
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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