Stock analysts at Deutsche Bank assumed coverage on shares of Rexnord (NYSE:RXN) in a note issued to investors on Wednesday, The Fly reports. The brokerage set a “hold” rating on the industrial products company’s stock.
Other research analysts have also recently issued research reports about the stock. Bank of America cut shares of Rexnord from a “buy” rating to an “underperform” rating in a research report on Friday, July 12th. Zacks Investment Research cut shares of Rexnord from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research report on Monday, July 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $30.33.
RXN traded down $0.95 on Wednesday, hitting $26.27. 700,706 shares of the company’s stock were exchanged, compared to its average volume of 652,949. The firm’s 50-day simple moving average is $28.85. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.74 and a current ratio of 2.74. The company has a market capitalization of $2.94 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 1.58 and a beta of 1.56. Rexnord has a fifty-two week low of $21.38 and a fifty-two week high of $32.11.
Rexnord (NYSE:RXN) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.05. The firm had revenue of $508.30 million for the quarter, compared to analysts’ expectations of $515.98 million. Rexnord had a net margin of 3.97% and a return on equity of 19.57%. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 EPS. As a group, equities research analysts forecast that Rexnord will post 1.95 EPS for the current fiscal year.
In related news, insider Michael Troutman sold 2,724 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $29.50, for a total value of $80,358.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark W. Peterson sold 19,663 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $28.01, for a total value of $550,760.63. Following the completion of the sale, the chief financial officer now directly owns 52,196 shares of the company’s stock, valued at $1,462,009.96. The disclosure for this sale can be found here. Insiders have sold 174,390 shares of company stock worth $4,909,290 over the last quarter. Insiders own 5.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. AdvisorNet Financial Inc acquired a new stake in shares of Rexnord during the fourth quarter valued at $25,000. NumerixS Investment Technologies Inc acquired a new stake in shares of Rexnord during the fourth quarter valued at $25,000. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Rexnord during the second quarter valued at $31,000. Essex Investment Management Co. LLC acquired a new stake in shares of Rexnord during the fourth quarter valued at $43,000. Finally, Quantamental Technologies LLC acquired a new stake in shares of Rexnord during the fourth quarter valued at $73,000.
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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