Rexnord Co. (NYSE:RXN) announced a quarterly dividend on Wednesday, May 5th, Wall Street Journal reports. Shareholders of record on Thursday, May 20th will be given a dividend of 0.09 per share by the industrial products company on Monday, June 7th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Wednesday, May 19th.
Rexnord has a dividend payout ratio of 18.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Rexnord to earn $1.97 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 18.3%.
RXN stock opened at $50.65 on Monday. Rexnord has a 52 week low of $25.86 and a 52 week high of $52.78. The company has a market capitalization of $6.06 billion, a price-to-earnings ratio of 39.57, a price-to-earnings-growth ratio of 2.71 and a beta of 1.43. The firm’s 50-day moving average is $49.41 and its two-hundred day moving average is $43.20. The company has a current ratio of 2.82, a quick ratio of 1.83 and a debt-to-equity ratio of 0.85.
A number of analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Rexnord from $54.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, May 10th. Robert W. Baird boosted their target price on shares of Rexnord from $54.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, April 28th. Finally, Vertical Research assumed coverage on shares of Rexnord in a report on Wednesday, January 20th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Rexnord currently has an average rating of “Buy” and a consensus price target of $51.60.
In related news, SVP Rodney Jackson sold 763 shares of the business’s stock in a transaction that occurred on Thursday, May 13th. The shares were sold at an average price of $50.14, for a total transaction of $38,256.82. Following the transaction, the senior vice president now directly owns 34,219 shares of the company’s stock, valued at $1,715,740.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd A. Adams sold 9,558 shares of the business’s stock in a transaction that occurred on Thursday, May 13th. The stock was sold at an average price of $50.14, for a total transaction of $479,238.12. Following the completion of the sale, the chief executive officer now directly owns 541,980 shares of the company’s stock, valued at $27,174,877.20. The disclosure for this sale can be found here. Insiders have sold 15,818 shares of company stock worth $793,115 in the last 90 days. 3.50% of the stock is owned by company insiders.
Rexnord Company Profile
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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