Rexnord (NYSE:RXN) Price Target Raised to $60.00 at Oppenheimer

Rexnord (NYSE:RXN) had its price objective upped by equities researchers at Oppenheimer from $58.00 to $60.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. Oppenheimer’s target price would suggest a potential upside of 13.25% from the company’s current price.

Other analysts have also issued reports about the company. TheStreet lowered Rexnord from a “b” rating to a “c” rating in a research report on Wednesday, May 19th. Deutsche Bank Aktiengesellschaft boosted their target price on Rexnord from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, July 14th. Finally, Robert W. Baird boosted their target price on Rexnord from $62.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Rexnord currently has an average rating of “Buy” and a consensus price target of $55.40.

Shares of RXN stock opened at $52.98 on Thursday. The stock has a 50-day moving average price of $50.28. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.87 and a current ratio of 2.84. The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 31.92, a price-to-earnings-growth ratio of 2.05 and a beta of 1.44. Rexnord has a 12 month low of $28.10 and a 12 month high of $53.36.

Rexnord (NYSE:RXN) last announced its quarterly earnings data on Monday, July 19th. The industrial products company reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.08. The firm had revenue of $568.30 million during the quarter, compared to analyst estimates of $543.91 million. Rexnord had a return on equity of 16.30% and a net margin of 9.90%. The company’s revenue was up 26.5% on a year-over-year basis. During the same period last year, the company earned $0.36 earnings per share. On average, analysts expect that Rexnord will post 1.98 EPS for the current year.

In other Rexnord news, 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 value of $479,238.12. Following the sale, the chief executive officer now owns 541,980 shares in the company, valued at approximately $27,174,877.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig Wehr sold 2,182 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 value of $109,405.48. Following the completion of the sale, the insider now owns 34,110 shares in the company, valued at approximately $1,710,275.40. The disclosure for this sale can be found here. Insiders sold a total of 289,392 shares of company stock valued at $14,548,132 over the last quarter. 2.90% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RXN. Norges Bank bought a new stake in Rexnord in the 4th quarter valued at approximately $63,194,000. Ceredex Value Advisors LLC raised its stake in shares of Rexnord by 139,256.3% during the 1st quarter. Ceredex Value Advisors LLC now owns 1,114,850 shares of the industrial products company’s stock worth $52,499,000 after purchasing an additional 1,114,050 shares in the last quarter. Scopia Capital Management LP bought a new stake in shares of Rexnord during the 1st quarter worth approximately $44,947,000. Victory Capital Management Inc. raised its stake in shares of Rexnord by 1,932.8% during the 1st quarter. Victory Capital Management Inc. now owns 865,303 shares of the industrial products company’s stock worth $40,747,000 after purchasing an additional 822,736 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Rexnord during the 1st quarter worth approximately $25,840,000. Hedge funds and other institutional investors own 99.90% of the company’s stock.

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 chains, 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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