Rexnord (NYSE:RXN) Rating Increased to Hold at Zacks Investment Research

Rexnord (NYSE:RXN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, January 9th.

According to Zacks, “In the last six months, shares of Rexnord Corporation have outperformed the industry. For fiscal 2018, the company anticipates benefiting from a solid product portfolio, supply-chain optimization and footprint-repositioning programs and the strengthening global food & beverage and commercial aerospace end markets. Also, accelerated demand from nonresidential and residential construction markets of the United States and Canada and water and wastewater infrastructure markets of China and Rest of the World will prove beneficial. However, the company is exposed to risks arising from industry rivalry, forex woes, geo-political issues and uncertain economic conditions. For fiscal 2018, the company anticipates water and waste water infrastructure to decline in the Middle East.”

Other equities research analysts also recently issued research reports about the company. Bank of America raised Rexnord from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th. TheStreet downgraded Rexnord from a “b-” rating to a “c+” rating in a report on Wednesday, November 15th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of Rexnord in a report on Thursday, September 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Rexnord currently has a consensus rating of “Hold” and an average target price of $27.00.

Shares of Rexnord (RXN) traded down $0.27 during trading on Tuesday, reaching $27.84. The company had a trading volume of 489,600 shares, compared to its average volume of 905,656. Rexnord has a 12 month low of $20.75 and a 12 month high of $28.44. The stock has a market cap of $2,893.27, a PE ratio of 42.18, a price-to-earnings-growth ratio of 2.23 and a beta of 1.65. The company has a quick ratio of 2.23, a current ratio of 3.08 and a debt-to-equity ratio of 1.37.

Rexnord (NYSE:RXN) last announced its earnings results on Wednesday, November 1st. The industrial products company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The company had revenue of $510.80 million during the quarter, compared to analysts’ expectations of $505.75 million. Rexnord had a return on equity of 12.03% and a net margin of 4.45%. Rexnord’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the business posted $0.38 EPS. equities research analysts anticipate that Rexnord will post 1.25 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of RXN. DF Dent & Co. Inc. acquired a new stake in Rexnord during the second quarter worth about $411,000. Nordea Investment Management AB grew its position in Rexnord by 11.0% during the third quarter. Nordea Investment Management AB now owns 87,939 shares of the industrial products company’s stock worth $2,235,000 after buying an additional 8,744 shares in the last quarter. Citadel Advisors LLC acquired a new stake in Rexnord during the third quarter worth about $2,505,000. BlackRock Inc. boosted its holdings in Rexnord by 14.4% during the second quarter. BlackRock Inc. now owns 7,026,845 shares of the industrial products company’s stock valued at $163,374,000 after purchasing an additional 883,165 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in Rexnord during the second quarter valued at approximately $312,466,000.

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Rexnord Company Profile

Rexnord Corporation is a multi-platform industrial company. The Company operates through two segments: Process & Motion Control platform, and Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a range of engineered mechanical components used within systems.

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