Rexnord (RXN) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Rexnord (NYSE:RXN) from a sell rating to a hold rating in a research note published on Tuesday.

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.”

RXN has been the topic of several other reports. TheStreet downgraded shares of Rexnord from a b- rating to a c+ rating in a research report on Wednesday, November 15th. Oppenheimer reissued a hold rating on shares of Rexnord in a research report on Thursday, September 28th. Finally, Bank of America raised shares of Rexnord from a neutral rating to a buy rating in a research report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $27.00.

Shares of Rexnord (RXN) traded down $0.27 during mid-day trading on Tuesday, reaching $27.84. 489,677 shares of the company traded hands, compared to its average volume of 824,630. Rexnord has a one year low of $20.75 and a one year high of $28.44. The stock has a market cap of $2,921.33, a P/E ratio of 42.18, a price-to-earnings-growth ratio of 2.25 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 quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.32 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $505.75 million. During the same period in the prior year, the firm posted $0.38 EPS. Rexnord’s revenue for the quarter was up 4.0% on a year-over-year basis. analysts anticipate that Rexnord will post 1.25 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC lifted its stake in Rexnord by 5.5% during the 3rd quarter. Janus Henderson Group PLC now owns 14,177,506 shares of the industrial products company’s stock valued at $360,250,000 after acquiring an additional 738,129 shares during the period. BlackRock Inc. lifted its stake in Rexnord by 14.4% during the 2nd quarter. BlackRock Inc. now owns 7,026,845 shares of the industrial products company’s stock valued at $163,374,000 after acquiring an additional 883,165 shares during the period. Impax Asset Management LTD lifted its stake in Rexnord by 4.1% during the 3rd quarter. Impax Asset Management LTD now owns 3,203,772 shares of the industrial products company’s stock valued at $81,408,000 after acquiring an additional 125,327 shares during the period. Capital World Investors lifted its stake in Rexnord by 3.4% during the 2nd quarter. Capital World Investors now owns 3,000,000 shares of the industrial products company’s stock valued at $69,750,000 after acquiring an additional 100,000 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Rexnord by 2.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,665,666 shares of the industrial products company’s stock valued at $67,735,000 after acquiring an additional 73,216 shares during the period.

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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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