Rexnord (RXN) Lifted to Buy at Bank of America

Rexnord (NYSE:RXN) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Monday, The Fly reports.

Several other research firms have also weighed in on RXN. Zacks Investment Research lowered shares of Rexnord from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. TheStreet lowered shares of Rexnord from a “b-” rating to a “c+” rating in a research note on Wednesday, November 15th. Finally, Oppenheimer reiterated a “hold” rating on shares of Rexnord in a research note on Thursday, September 28th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. Rexnord presently has an average rating of “Hold” and an average target price of $27.00.

Rexnord (RXN) opened at $26.33 on Monday. The stock has a market cap of $2,740.00, a P/E ratio of 41.14, a PEG ratio of 2.10 and a beta of 1.65. Rexnord has a 1 year low of $20.41 and a 1 year high of $26.52. The company has a debt-to-equity ratio of 1.37, a current ratio of 3.08 and a quick ratio of 2.23.

Rexnord (NYSE:RXN) last issued its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.01. The firm had revenue of $510.80 million for the quarter, compared to the consensus estimate of $505.75 million. Rexnord had a net margin of 4.45% and a return on equity of 12.03%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.38 EPS. equities research analysts forecast that Rexnord will post 1.25 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the business. Parametrica Management Ltd bought a new stake in Rexnord during the 3rd quarter valued at $212,000. Ameritas Investment Partners Inc. increased its stake in Rexnord by 27.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,142 shares of the industrial products company’s stock valued at $213,000 after purchasing an additional 1,981 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in Rexnord during the 3rd quarter valued at $219,000. Prudential Financial Inc. bought a new stake in Rexnord during the 2nd quarter valued at $230,000. Finally, Quantitative Systematic Strategies LLC bought a new stake in Rexnord during the 3rd quarter valued at $288,000.

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About Rexnord

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.