Credit Suisse Group Reaffirms Neutral Rating for Rexnord (RXN)

Credit Suisse Group reiterated their neutral rating on shares of Rexnord (NYSE:RXN) in a report issued on Friday. The brokerage currently has a $31.00 target price on the industrial products company’s stock.

RXN has been the topic of several other research reports. Oppenheimer upped their price objective on Rexnord from $35.00 to $37.00 and gave the company a buy rating in a research note on Wednesday, October 10th. ValuEngine upgraded Rexnord from a hold rating to a buy rating in a research note on Friday, November 16th. Bank of America upped their price objective on Rexnord from $32.00 to $33.00 and gave the company a buy rating in a research note on Tuesday, July 31st. KeyCorp upped their price objective on Rexnord from $33.00 to $34.00 and gave the company an overweight rating in a research note on Tuesday, July 31st. Finally, Goldman Sachs Group began coverage on Rexnord in a research note on Tuesday, October 2nd. They set a neutral rating and a $31.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Rexnord currently has an average rating of Buy and an average target price of $32.50.

Shares of RXN opened at $27.35 on Friday. The stock has a market capitalization of $2.86 billion, a P/E ratio of 19.68, a price-to-earnings-growth ratio of 0.95 and a beta of 1.48. Rexnord has a one year low of $23.75 and a one year high of $32.11. The company has a quick ratio of 1.50, a current ratio of 2.23 and a debt-to-equity ratio of 1.17.

Rexnord (NYSE:RXN) last issued its quarterly earnings results on Tuesday, October 30th. The industrial products company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The firm had revenue of $524.80 million during the quarter, compared to the consensus estimate of $516.66 million. Rexnord had a positive return on equity of 16.99% and a negative net margin of 0.89%. Rexnord’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.32 earnings per share. On average, research analysts anticipate that Rexnord will post 1.75 EPS for the current year.

In related news, Director Theodore D. Crandall purchased 4,000 shares of the company’s stock in a transaction dated Thursday, November 1st. The shares were acquired at an average cost of $27.84 per share, for a total transaction of $111,360.00. Following the transaction, the director now owns 20,330 shares of the company’s stock, valued at $565,987.20. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Craig Wehr sold 7,500 shares of the stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $28.50, for a total value of $213,750.00. Following the sale, the insider now owns 15,054 shares in the company, valued at $429,039. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC raised its position in shares of Rexnord by 22.3% during the 2nd quarter. SG Americas Securities LLC now owns 9,266 shares of the industrial products company’s stock worth $269,000 after purchasing an additional 1,692 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of Rexnord during the 3rd quarter worth approximately $290,000. Stone Ridge Asset Management LLC acquired a new stake in shares of Rexnord during the 3rd quarter worth approximately $326,000. Jane Street Group LLC acquired a new stake in shares of Rexnord during the 2nd quarter worth approximately $314,000. Finally, Credit Agricole S A raised its position in shares of Rexnord by 25.5% during the 2nd quarter. Credit Agricole S A now owns 14,049 shares of the industrial products company’s stock worth $408,000 after purchasing an additional 2,854 shares during the period.

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 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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Analyst Recommendations for Rexnord (NYSE:RXN)

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