Oppenheimer Increases Rexnord (NYSE:RXN) Price Target to $38.00

Rexnord (NYSE:RXN) had its price objective lifted by Oppenheimer from $36.00 to $38.00 in a research report sent to investors on Thursday, BenzingaRatingsTable reports. Oppenheimer currently has an outperform rating on the industrial products company’s stock.

A number of other equities analysts have also recently issued reports on RXN. Barclays reaffirmed a hold rating and issued a $28.00 target price on shares of Rexnord in a report on Monday, April 6th. Zacks Investment Research lowered Rexnord from a hold rating to a sell rating and set a $31.00 target price on the stock. in a research report on Wednesday, July 15th. Deutsche Bank upped their price target on Rexnord from $34.00 to $35.00 and gave the stock a buy rating in a research note on Thursday. Bank of America downgraded Rexnord from a buy rating to a neutral rating in a research note on Tuesday, May 26th. They noted that the move was a valuation call. Finally, KeyCorp increased their price target on Rexnord from $36.00 to $37.00 and gave the company an overweight rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $34.57.

Shares of NYSE RXN traded down $0.62 during midday trading on Thursday, hitting $28.97. 690,009 shares of the company’s stock were exchanged, compared to its average volume of 693,862. The company has a quick ratio of 2.08, a current ratio of 2.52 and a debt-to-equity ratio of 0.85. Rexnord has a 12 month low of $18.87 and a 12 month high of $35.64. The company’s 50 day moving average price is $29.10 and its 200 day moving average price is $28.71. The firm has a market capitalization of $3.48 billion, a PE ratio of 21.15, a price-to-earnings-growth ratio of 2.49 and a beta of 1.58.

Rexnord (NYSE:RXN) last released its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.09. The business had revenue of $449.10 million during the quarter, compared to the consensus estimate of $427.35 million. Rexnord had a return on equity of 17.52% and a net margin of 8.42%. The firm’s quarterly revenue was down 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 EPS. On average, equities research analysts anticipate that Rexnord will post 1.6 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Thursday, August 20th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend is Wednesday, August 19th. Rexnord’s dividend payout ratio is 15.92%.

In related news, insider Craig Wehr sold 45,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $31.79, for a total transaction of $1,430,550.00. Following the completion of the transaction, the insider now owns 70,943 shares of the company’s stock, valued at $2,255,277.97. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Todd A. Adams sold 80,635 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $29.24, for a total transaction of $2,357,767.40. Following the transaction, the chief executive officer now directly owns 439,518 shares of the company’s stock, valued at approximately $12,851,506.32. The disclosure for this sale can be found here. Insiders sold a total of 298,177 shares of company stock worth $9,313,045 over the last three months. 3.50% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of RXN. Private Capital Group LLC acquired a new position in Rexnord in the 1st quarter valued at about $29,000. Advisor Group Inc. increased its stake in Rexnord by 36.9% during the 4th quarter. Advisor Group Inc. now owns 1,310 shares of the industrial products company’s stock worth $44,000 after buying an additional 353 shares during the period. Cutler Group LP purchased a new stake in Rexnord during the 1st quarter worth approximately $58,000. First Mercantile Trust Co. increased its position in shares of Rexnord by 47.8% in the 1st quarter. First Mercantile Trust Co. now owns 2,961 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 958 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Rexnord by 474.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 3,620 shares of the industrial products company’s stock valued at $82,000 after purchasing an additional 2,990 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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Analyst Recommendations for Rexnord (NYSE:RXN)

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