Rexnord (NYSE:RXN) Lowered to “Underperform” at Bank of America

Bank of America lowered shares of Rexnord (NYSE:RXN) from a buy rating to an underperform rating in a report released on Friday, BenzingaRatingsTable reports.

Separately, Zacks Investment Research cut First Merchants from a hold rating to a sell rating in a research note on Monday, July 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $31.13.

Shares of NYSE RXN opened at $28.70 on Friday. The stock’s 50 day moving average is $28.62. The company has a quick ratio of 1.68, a current ratio of 2.48 and a debt-to-equity ratio of 1.00. Rexnord has a 1-year low of $21.38 and a 1-year high of $32.11. The company has a market capitalization of $3.04 billion, a PE ratio of 15.51, a P/E/G ratio of 1.64 and a beta of 1.57.

Rexnord (NYSE:RXN) last issued its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.04. Rexnord had a return on equity of 19.22% and a net margin of 1.68%. The company had revenue of $537.50 million for the quarter, compared to analysts’ expectations of $543.89 million. During the same period in the previous year, the firm posted $0.47 earnings per share. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities analysts predict that Rexnord will post 1.92 EPS for the current year.

In other Rexnord news, General Counsel Patricia M. Whaley sold 1,226 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $26.57, for a total transaction of $32,574.82. Following the completion of the transaction, the general counsel now owns 66,336 shares in the company, valued at $1,762,547.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd A. Adams sold 104,231 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were 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 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 have sold 331,976 shares of company stock worth $9,269,388 over the last three months. 5.00% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the business. ELCO Management Co. LLC boosted its holdings in shares of Rexnord by 4.6% in the first quarter. ELCO Management Co. LLC now owns 15,140 shares of the industrial products company’s stock valued at $381,000 after purchasing an additional 660 shares during the period. Amalgamated Bank boosted its holdings in shares of Rexnord by 6.0% in the fourth quarter. Amalgamated Bank now owns 13,960 shares of the industrial products company’s stock valued at $320,000 after purchasing an additional 788 shares during the period. NumerixS Investment Technologies Inc purchased a new stake in shares of Rexnord in the fourth quarter valued at approximately $25,000. Stone Ridge Asset Management LLC boosted its holdings in shares of Rexnord by 14.2% in the fourth quarter. Stone Ridge Asset Management LLC now owns 12,098 shares of the industrial products company’s stock valued at $278,000 after purchasing an additional 1,500 shares during the period. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of 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 purchasing an additional 1,999 shares during the period.

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.

Further Reading: What are some reasons analysts would give stocks a buy rating?

Analyst Recommendations for Rexnord (NYSE:RXN)

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