KeyCorp Comments on Rexnord Corp’s Q3 2020 Earnings (NYSE:RXN)

Rexnord Corp (NYSE:RXN) – Investment analysts at KeyCorp reduced their Q3 2020 EPS estimates for Rexnord in a research report issued to clients and investors on Tuesday, July 30th. KeyCorp analyst J. Hammond now anticipates that the industrial products company will post earnings per share of $0.44 for the quarter, down from their prior forecast of $0.45.

A number of other equities analysts also recently issued reports on the company. Bank of America downgraded Rexnord from a “buy” rating to an “underperform” rating in a research note on Friday, July 12th. Zacks Investment Research downgraded Rexnord from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research note on Monday, July 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $30.33.

Shares of RXN stock opened at $29.29 on Thursday. The stock has a market cap of $3.05 billion, a P/E ratio of 15.83, a price-to-earnings-growth ratio of 1.71 and a beta of 1.57. The stock’s 50 day simple moving average is $29.08. Rexnord has a 12-month low of $21.38 and a 12-month high of $32.11. The company has a current ratio of 2.48, a quick ratio of 1.68 and a debt-to-equity ratio of 1.00.

Rexnord (NYSE:RXN) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.05. The business had revenue of $508.30 million during the quarter, compared to the consensus estimate of $515.98 million. Rexnord had a return on equity of 19.22% and a net margin of 1.68%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 EPS.

In other Rexnord news, VP Sudhanshu Chhabra sold 6,974 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $27.59, for a total transaction of $192,412.66. Following the completion of the transaction, the vice president now owns 8,601 shares of the company’s stock, valued at $237,301.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd A. Adams sold 104,231 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $27.59, for a total value of $2,875,733.29. Following the transaction, the chief executive officer now directly owns 272,883 shares of the company’s stock, valued at approximately $7,528,841.97. The disclosure for this sale can be found here. Insiders sold a total of 301,976 shares of company stock valued at $8,429,388 over the last ninety days. 5.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Tokio Marine Asset Management Co. Ltd. acquired a new position in Rexnord in the second quarter valued at $224,000. Great West Life Assurance Co. Can boosted its holdings in Rexnord by 18.3% in the fourth quarter. Great West Life Assurance Co. Can now owns 12,924 shares of the industrial products company’s stock valued at $286,000 after acquiring an additional 1,999 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Rexnord in the first quarter valued at $290,000. Moors & Cabot Inc. acquired a new position in Rexnord in the first quarter valued at $294,000. Finally, Strs Ohio boosted its holdings in Rexnord by 22.0% in the second quarter. Strs Ohio now owns 10,000 shares of the industrial products company’s stock valued at $302,000 after acquiring an additional 1,800 shares during the last quarter.

Rexnord Company Profile

Rexnord Corp. engages in the manufacture of engineered power transmission, aerospace, and other precision motion technology products. It operates through the Process and Motion Control, and Water Management segments. The Process and Motion Control segment designs, manufactures and markets engineered mechanical components such as gears, couplings, industrial, aerospace bearings, and seals which are used within complex systems.

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Earnings History and Estimates for Rexnord (NYSE:RXN)

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