Rexnord Corp (NYSE:RXN) has been assigned an average rating of “Hold” from the nine analysts that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $29.00.
Several brokerages recently weighed in on RXN. Robert W. Baird lowered Rexnord from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $33.00 to $29.00 in a research report on Tuesday, September 3rd. Zacks Investment Research lowered Rexnord from a “hold” rating to a “sell” rating and set a $27.00 price objective on the stock. in a research report on Friday, October 11th. Deutsche Bank initiated coverage on Rexnord in a research report on Wednesday, August 14th. They issued a “hold” rating on the stock. Bank of America lowered Rexnord from a “buy” rating to an “underperform” rating in a research report on Friday, July 12th. Finally, Barclays reissued a “hold” rating and issued a $29.00 price objective on shares of Rexnord in a research report on Friday, October 4th.
Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers grew its stake in shares of Rexnord by 6.3% during the third quarter. Rhumbline Advisers now owns 165,678 shares of the industrial products company’s stock valued at $4,482,000 after acquiring an additional 9,869 shares in the last quarter. Robecosam AG raised its holdings in shares of Rexnord by 1.3% during the third quarter. Robecosam AG now owns 1,035,300 shares of the industrial products company’s stock valued at $27,787,000 after buying an additional 13,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Rexnord by 0.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 169,250 shares of the industrial products company’s stock valued at $4,578,000 after buying an additional 606 shares during the last quarter. Macquarie Group Ltd. raised its holdings in shares of Rexnord by 7.7% during the second quarter. Macquarie Group Ltd. now owns 1,482,215 shares of the industrial products company’s stock valued at $44,793,000 after buying an additional 105,527 shares during the last quarter. Finally, River & Mercantile Asset Management LLP bought a new stake in shares of Rexnord during the second quarter valued at approximately $57,000.
Rexnord (NYSE:RXN) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.05. The company had revenue of $508.30 million for the quarter, compared to analyst estimates of $515.98 million. Rexnord had a return on equity of 19.57% and a net margin of 3.97%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 EPS. On average, equities research analysts anticipate that Rexnord will post 1.97 earnings per share for the current fiscal year.
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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