Rexnord (RXN) Rating Increased to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Rexnord (NYSE:RXN) from a hold rating to a strong-buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $31.00 price target on the industrial products company’s stock.

According to Zacks, “In the last three months, shares of Rexnord Corporation have outperformed the industry. In third-quarter fiscal 2018, the company's earnings and sales topped the Zacks Consensus Estimate by 37% and 2%, respectively. For fiscal 2018, Rexnord anticipates gaining from a growing product demand, meaningful buyouts and supply-chain optimization and footprint-repositioning programs. Also, the strengthening global food & beverage, process industries and commercial aerospace end markets will benefit the Process & Motion Control segment. Accelerated demand from nonresidential and residential construction markets of the United States and Canada and water and wastewater infrastructure markets of China and Rest of the World will favor the Water Management segment. Core sales are now anticipated to grow in mid-single digits versus low-to-mid single digits expected earlier.”

RXN has been the subject of several other research reports. ValuEngine raised shares of Rexnord from a hold rating to a buy rating in a report on Friday, February 2nd. Bank of America raised shares of Rexnord from a neutral rating to a buy rating in a report on Monday, January 8th. TheStreet lowered shares of Rexnord from a b- rating to a c+ rating in a report on Wednesday, November 15th. Deutsche Bank set a $33.00 price target on shares of Rexnord and gave the company a buy rating in a report on Friday, January 19th. Finally, KeyCorp raised their price target on shares of Rexnord from $30.00 to $33.00 and gave the company an overweight rating in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $30.67.

Shares of Rexnord (NYSE:RXN) opened at $26.81 on Tuesday. The firm has a market cap of $2,864.61, a P/E ratio of 20.47, a PEG ratio of 2.07 and a beta of 1.77. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.58 and a current ratio of 2.49. Rexnord has a fifty-two week low of $21.51 and a fifty-two week high of $31.44.

Rexnord (NYSE:RXN) last posted its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.10. The company had revenue of $492.30 million during the quarter, compared to analyst estimates of $479.66 million. Rexnord had a net margin of 8.29% and a return on equity of 13.05%. The company’s revenue was up 9.0% on a year-over-year basis. During the same quarter last year, the business posted $0.25 earnings per share. equities research analysts forecast that Rexnord will post 1.33 EPS for the current year.

Institutional investors have recently modified their holdings of the stock. Global X Management Co. LLC increased its holdings in shares of Rexnord by 75.3% in the fourth quarter. Global X Management Co. LLC now owns 7,194 shares of the industrial products company’s stock valued at $187,000 after purchasing an additional 3,090 shares in the last quarter. Parametrica Management Ltd acquired a new stake in shares of Rexnord in the third quarter valued at approximately $212,000. Teacher Retirement System of Texas acquired a new stake in shares of Rexnord in the third quarter valued at approximately $219,000. Ameritas Investment Partners Inc. increased its holdings in shares of Rexnord by 27.7% in the second 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. Finally, Prudential Financial Inc. acquired a new stake in shares of Rexnord in the second quarter valued at approximately $230,000.

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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.

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