Rexnord Corp (NYSE:RXN)’s share price was up 10.3% on Wednesday following a better than expected earnings announcement. The stock traded as high as $27.96 and last traded at $26.81. Approximately 1,985,008 shares changed hands during trading, an increase of 179% from the average daily volume of 712,263 shares. The stock had previously closed at $24.31.
The industrial products company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.42 by $0.04. The firm had revenue of $524.80 million for the quarter, compared to analyst estimates of $516.66 million. Rexnord had a return on equity of 14.99% and a net margin of 2.34%. Rexnord’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.32 earnings per share.
Several equities analysts have issued reports on the stock. Oppenheimer restated a “buy” rating and issued a $35.00 price objective on shares of Rexnord in a research note on Monday, July 30th. TheStreet downgraded shares of Rexnord from a “b” rating to a “c+” rating in a research note on Thursday, October 25th. Goldman Sachs Group assumed coverage on shares of Rexnord in a research note on Tuesday, October 2nd. They issued a “neutral” rating and a $31.00 price objective for the company. KeyCorp upped their price objective on shares of Rexnord from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Tuesday, July 31st. Finally, Bank of America upped their price objective on shares of Rexnord from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $32.71.
The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 19.29, a PEG ratio of 0.87 and a beta of 1.50. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.62 and a current ratio of 2.40.
Rexnord Company Profile (NYSE:RXN)
Rexnord Corporation designs, manufactures, and markets process and motion control, and water management products worldwide. It operates in two segments, Process & Motion Control Platform and Water Management Platform. The company offers table top conveying chain and related accessories, metal conveying and engineered woven metals, gearing and gear drives, conveying equipment, industrial chain, and custom assemblies; custom-engineered, application-specific miniature gearboxes, and motion control assemblies and components used in aerospace, defense, medical equipment, robotics, semiconductor, instrumentation, and satellite communications; and shaft management products, including couplings, torque limiters, electromagnetic clutches and brakes, industrial bearings, and shaft locking assemblies.
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