Rexnord (RXN) Upgraded to Buy at Bank of America
Rexnord (NYSE:RXN) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, The Fly reports.
Several other brokerages have also recently commented on RXN. Zacks Investment Research cut shares of Rexnord from a “hold” rating to a “sell” rating in a report on Tuesday, January 2nd. Oppenheimer reaffirmed a “hold” rating on shares of Rexnord in a report on Thursday, September 28th. Finally, TheStreet cut shares of Rexnord from a “b-” rating to a “c+” rating in a report on Wednesday, November 15th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $27.00.
Rexnord (NYSE:RXN) opened at $26.33 on Monday. Rexnord has a fifty-two week low of $20.41 and a fifty-two week high of $26.52. The company has a market cap of $2,740.00, a P/E ratio of 41.14, a PEG ratio of 2.10 and a beta of 1.65. The company has a current ratio of 3.08, a quick ratio of 2.23 and a debt-to-equity ratio of 1.37.
A number of large investors have recently made changes to their positions in RXN. Janus Henderson Group PLC bought a new position in Rexnord in the second quarter valued at approximately $312,466,000. BlackRock Inc. increased its stake in Rexnord by 14.4% in the second 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 last quarter. Goldman Sachs Group Inc. increased its stake in Rexnord by 42.5% in the second quarter. Goldman Sachs Group Inc. now owns 2,028,346 shares of the industrial products company’s stock valued at $47,159,000 after acquiring an additional 604,555 shares during the last quarter. Balyasny Asset Management LLC bought a new position in Rexnord in the second quarter valued at approximately $13,292,000. Finally, State Street Corp increased its stake in Rexnord by 25.8% in the second quarter. State Street Corp now owns 1,942,018 shares of the industrial products company’s stock valued at $45,151,000 after acquiring an additional 397,761 shares during the last quarter.
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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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