Rexnord (RXN) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of Rexnord (NYSE:RXN) from a neutral rating to a buy rating in a report published on Monday, MarketBeat reports.

Other equities research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Rexnord from a sell rating to a hold rating in a research note on Monday, October 16th. TheStreet lowered shares of Rexnord from a b- rating to a c+ rating in a research note on Wednesday, November 15th. Finally, Oppenheimer restated a hold rating on shares of Rexnord in a research note on Thursday, September 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $27.00.

Shares of Rexnord (NYSE RXN) opened at $27.29 on Monday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 2.23 and a current ratio of 3.08. Rexnord has a one year low of $20.59 and a one year high of $28.24. The stock has a market cap of $2,880.00, a P/E ratio of 42.64, a PEG ratio of 2.10 and a beta of 1.65.

Rexnord (NYSE:RXN) last issued its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.01. Rexnord had a net margin of 4.45% and a return on equity of 12.03%. The company had revenue of $510.80 million during the quarter, compared to analyst estimates of $505.75 million. During the same quarter last year, the business posted $0.38 EPS. Rexnord’s quarterly revenue was up 4.0% compared to the same quarter last year. research analysts expect that Rexnord will post 1.25 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP purchased a new position in Rexnord in the 3rd quarter valued at approximately $501,000. DF Dent & Co. Inc. grew its stake in Rexnord by 38.1% in the 3rd quarter. DF Dent & Co. Inc. now owns 24,429 shares of the industrial products company’s stock valued at $621,000 after buying an additional 6,746 shares in the last quarter. California Public Employees Retirement System grew its stake in Rexnord by 3.1% in the 3rd quarter. California Public Employees Retirement System now owns 237,525 shares of the industrial products company’s stock valued at $6,036,000 after buying an additional 7,125 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in Rexnord by 2,348.4% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 49,213 shares of the industrial products company’s stock valued at $1,251,000 after buying an additional 47,203 shares in the last quarter. Finally, Highbridge Capital Management LLC grew its stake in Rexnord by 292.2% in the 3rd quarter. Highbridge Capital Management LLC now owns 185,010 shares of the industrial products company’s stock valued at $4,701,000 after buying an additional 137,834 shares in the last quarter.

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About Rexnord

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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