Rexnord Corporation (NYSE:RXN) Downgraded by Zacks Investment Research to “Sell”
Zacks Investment Research lowered shares of Rexnord Corporation (NYSE:RXN) from a hold rating to a sell rating in a report issued on Wednesday, July 12th.
According to Zacks, “Over the last three months, shares of Rexnord Corporation have underperformed the Zacks categorized Machinery Electrical industry. The company is exposed to risks from industry rivalry, geopolitical issues and uncertain economic conditions. Also, unfavorable movements in foreign currencies might dent the company's profitability. Notably, forex woes lowered fiscal 2017 revenues by 1% from the year-ago period. In the last 60 days, the stock's earnings estimates decreased for the first quarter and fiscal 2018.”
A number of other research analysts have also recently commented on RXN. Oppenheimer Holdings, Inc. reissued a hold rating on shares of Rexnord Corporation in a research note on Thursday, May 18th. TheStreet raised Rexnord Corporation from a c+ rating to a b rating in a research note on Wednesday, May 17th. Finally, BidaskClub raised Rexnord Corporation from a sell rating to a hold rating in a research note on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $24.80.
Rexnord Corporation (NYSE:RXN) opened at 24.65 on Wednesday. The company has a market capitalization of $2.56 billion, a P/E ratio of 37.35 and a beta of 1.63. Rexnord Corporation has a 12-month low of $15.80 and a 12-month high of $25.01. The company’s 50 day moving average price is $23.39 and its 200-day moving average price is $23.04.
Rexnord Corporation (NYSE:RXN) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01. The business had revenue of $487.70 million for the quarter, compared to analysts’ expectations of $484.20 million. Rexnord Corporation had a return on equity of 14.27% and a net margin of 4.22%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Equities analysts forecast that Rexnord Corporation will post $1.27 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Rexnord Corporation by 11,563.1% in the first quarter. BlackRock Inc. now owns 6,143,680 shares of the industrial products company’s stock worth $141,795,000 after buying an additional 6,091,004 shares during the period. Channing Capital Management LLC purchased a new stake in Rexnord Corporation during the first quarter worth $49,056,000. Wellington Management Group LLP raised its stake in Rexnord Corporation by 292.1% in the first quarter. Wellington Management Group LLP now owns 1,925,739 shares of the industrial products company’s stock worth $44,446,000 after buying an additional 1,434,614 shares in the last quarter. Norges Bank purchased a new stake in Rexnord Corporation during the fourth quarter worth $19,414,000. Finally, Vanguard Group Inc. raised its stake in Rexnord Corporation by 6.3% in the first quarter. Vanguard Group Inc. now owns 8,282,119 shares of the industrial products company’s stock worth $191,151,000 after buying an additional 487,513 shares in the last quarter.
About Rexnord Corporation
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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