Rexnord (RXN) Raised to Buy at ValuEngine

ValuEngine upgraded shares of Rexnord (NYSE:RXN) from a hold rating to a buy rating in a research report released on Friday morning.

Several other equities analysts have also commented on RXN. Zacks Investment Research reiterated a buy rating and set a $30.00 price objective on shares of Rexnord in a research report on Thursday. Oppenheimer reiterated a buy rating and set a $35.00 price objective on shares of Rexnord in a research report on Monday, July 30th. Goldman Sachs Group assumed coverage on Rexnord in a research report on Tuesday, October 2nd. They set a neutral rating and a $31.00 price objective on the stock. KeyCorp increased their price objective on Rexnord from $33.00 to $34.00 and gave the company an overweight rating in a research report on Tuesday, July 31st. Finally, Bank of America increased their price objective on Rexnord from $32.00 to $33.00 and gave the company a buy rating in a research report on Tuesday, July 31st. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $32.57.

Shares of Rexnord stock traded up $0.05 during trading on Friday, hitting $29.00. 382,797 shares of the stock traded hands, compared to its average volume of 821,654. The company has a current ratio of 2.23, a quick ratio of 1.50 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $2.92 billion, a PE ratio of 20.86, a price-to-earnings-growth ratio of 0.97 and a beta of 1.48. Rexnord has a 52 week low of $23.58 and a 52 week high of $32.11.

Rexnord (NYSE:RXN) last announced its quarterly earnings data on Tuesday, October 30th. 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 positive return on equity of 16.99% and a negative net margin of 0.89%. The company’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.32 EPS. As a group, analysts predict that Rexnord will post 1.75 earnings per share for the current fiscal year.

In related news, Director Theodore D. Crandall purchased 4,000 shares of Rexnord stock in a transaction that occurred on Thursday, November 1st. The shares were acquired at an average cost of $27.84 per share, for a total transaction of $111,360.00. Following the transaction, the director now directly owns 20,330 shares in the company, valued at $565,987.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Wehr sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $28.99, for a total value of $217,425.00. Following the transaction, the insider now owns 15,054 shares in the company, valued at $436,415.46. The disclosure for this sale can be found here. 4.50% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its holdings in Rexnord by 21.2% in the 2nd quarter. FMR LLC now owns 6,238,342 shares of the industrial products company’s stock worth $181,286,000 after buying an additional 1,089,253 shares during the period. Capital International Investors purchased a new stake in Rexnord in the 3rd quarter worth approximately $30,954,000. Glenmede Trust Co. NA lifted its holdings in Rexnord by 216,331.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 976,106 shares of the industrial products company’s stock worth $30,063,000 after buying an additional 975,655 shares during the period. Robecosam AG lifted its holdings in Rexnord by 117.9% in the 3rd quarter. Robecosam AG now owns 832,367 shares of the industrial products company’s stock worth $25,787,000 after buying an additional 450,429 shares during the period. Finally, Federated Investors Inc. PA lifted its holdings in Rexnord by 18,706.7% in the 2nd quarter. Federated Investors Inc. PA now owns 431,801 shares of the industrial products company’s stock worth $12,548,000 after buying an additional 429,505 shares during the period.

About Rexnord

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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Analyst Recommendations for Rexnord (NYSE:RXN)

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