Rexnord (NYSE:RXN) Downgraded by Bank of America

Rexnord (NYSE:RXN) was downgraded by analysts at Bank of America from a “buy” rating to an “underperform” rating in a research report issued on Friday, The Fly reports.

Separately, Zacks Investment Research downgraded shares of First Merchants from a “hold” rating to a “sell” rating in a research report on Monday, July 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. Rexnord presently has an average rating of “Hold” and an average target price of $31.13.

Shares of RXN opened at $28.54 on Friday. The company has a 50-day moving average price of $28.46. Rexnord has a one year low of $21.38 and a one year high of $32.11. The company has a market cap of $3.01 billion, a P/E ratio of 15.43, a PEG ratio of 1.61 and a beta of 1.57. The company has a current ratio of 2.48, a quick ratio of 1.68 and a debt-to-equity ratio of 1.00.

Rexnord (NYSE:RXN) last announced its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.04. Rexnord had a net margin of 1.68% and a return on equity of 19.22%. The company had revenue of $537.50 million during the quarter, compared to the consensus estimate of $543.89 million. During the same quarter last year, the firm posted $0.47 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, analysts expect that Rexnord will post 1.95 earnings per share for the current year.

In related news, CEO Todd A. Adams sold 30,000 shares of Rexnord stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $28.00, for a total transaction of $840,000.00. Following the completion of the sale, the chief executive officer now owns 211,792 shares of the company’s stock, valued at approximately $5,930,176. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd A. Adams sold 104,231 shares of Rexnord stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $27.59, for a total transaction of $2,875,733.29. Following the sale, the chief executive officer now directly owns 272,883 shares of the company’s stock, valued at approximately $7,528,841.97. The disclosure for this sale can be found here. Insiders have sold a total of 331,976 shares of company stock valued at $9,269,388 in the last ninety days. 5.00% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in RXN. NumerixS Investment Technologies Inc bought a new stake in shares of Rexnord during the 4th quarter worth about $25,000. Hsbc Holdings PLC boosted its holdings in shares of Rexnord by 26.8% during the 4th quarter. Hsbc Holdings PLC now owns 11,810 shares of the industrial products company’s stock worth $271,000 after buying an additional 2,497 shares during the period. Stone Ridge Asset Management LLC boosted its holdings in shares of Rexnord by 14.2% during the 4th quarter. Stone Ridge Asset Management LLC now owns 12,098 shares of the industrial products company’s stock worth $278,000 after buying an additional 1,500 shares during the period. Great West Life Assurance Co. Can boosted its holdings in shares of Rexnord by 18.3% during the 4th quarter. Great West Life Assurance Co. Can now owns 12,924 shares of the industrial products company’s stock worth $286,000 after buying an additional 1,999 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Rexnord during the 1st quarter worth about $290,000.

Rexnord Company Profile

Rexnord Corp. engages in the manufacture of engineered power transmission, aerospace, and other precision motion technology products. It operates through the Process and Motion Control, and Water Management segments. The Process and Motion Control segment designs, manufactures and markets engineered mechanical components such as gears, couplings, industrial, aerospace bearings, and seals which are used within complex systems.

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