Rexnord (RXN) Raised to “Buy” at ValuEngine
Rexnord (NYSE:RXN) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Friday.
Several other analysts also recently commented on the stock. TheStreet downgraded shares of Rexnord from a “b” rating to a “c+” rating in a report on Thursday, October 25th. Oppenheimer increased their target price on shares of Rexnord from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, October 10th. KeyCorp increased their target price on shares of Rexnord from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Tuesday, July 31st. Bank of America increased their target price on shares of Rexnord from $32.00 to $33.00 and gave the company a “buy” rating in a report on Tuesday, July 31st. Finally, Goldman Sachs Group started coverage on shares of Rexnord in a report on Tuesday, October 2nd. They issued a “neutral” rating and a $31.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $32.57.
Shares of RXN stock opened at $28.95 on Friday. The stock has a market capitalization of $2.98 billion, a PE ratio of 20.83, a PEG ratio of 0.99 and a beta of 1.48. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.23 and a quick ratio of 1.50. Rexnord has a one year low of $23.04 and a one year high of $32.11.
In related news, Director Theodore D. Crandall acquired 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The stock was acquired at an average price of $27.84 per share, for a total transaction of $111,360.00. Following the completion of the acquisition, the director now owns 20,330 shares of the company’s stock, valued at approximately $565,987.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig Wehr sold 7,500 shares of the firm’s stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $28.50, for a total transaction of $213,750.00. Following the sale, the insider now owns 15,054 shares of the company’s stock, valued at approximately $429,039. The disclosure for this sale can be found here. Company insiders own 4.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of RXN. SG Americas Securities LLC boosted its position in Rexnord by 22.3% during the second 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 bought a new position in Rexnord during the third quarter worth about $290,000. Jane Street Group LLC bought a new position in Rexnord during the second quarter worth about $314,000. Stone Ridge Asset Management LLC bought a new position in Rexnord during the third quarter worth about $326,000. Finally, Ramsey Quantitative Systems boosted its position in Rexnord by 28.3% during the second quarter. Ramsey Quantitative Systems now owns 12,197 shares of the industrial products company’s stock worth $354,000 after purchasing an additional 2,694 shares during the period.
Rexnord Company Profile
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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