Equities Analysts Offer Predictions for Rexnord Corp’s FY2020 Earnings (RXN)
Rexnord Corp (NYSE:RXN) – Analysts at Oppenheimer lowered their FY2020 earnings per share estimates for shares of Rexnord in a note issued to investors on Wednesday, April 17th. Oppenheimer analyst B. Blair now forecasts that the industrial products company will post earnings of $1.97 per share for the year, down from their prior forecast of $2.05. Oppenheimer has a “Buy” rating and a $35.00 price objective on the stock.
Rexnord (NYSE:RXN) last posted its earnings results on Wednesday, January 30th. The industrial products company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.07. The company had revenue of $485.00 million for the quarter, compared to the consensus estimate of $487.19 million. Rexnord had a positive return on equity of 18.32% and a negative net margin of 3.58%. Rexnord’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.37 earnings per share.
Rexnord stock traded up $0.27 during mid-day trading on Friday, hitting $28.02. The company’s stock had a trading volume of 358,137 shares, compared to its average volume of 703,574. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 20.16, a PEG ratio of 0.90 and a beta of 1.52. Rexnord has a 1 year low of $21.38 and a 1 year high of $32.11. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.86 and a current ratio of 2.87.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Investors Research Corp increased its holdings in shares of Rexnord by 5.0% in the fourth quarter. Investors Research Corp now owns 10,520 shares of the industrial products company’s stock valued at $241,000 after purchasing an additional 500 shares during the last quarter. ClariVest Asset Management LLC lifted its holdings in shares of Rexnord by 0.8% in the fourth quarter. ClariVest Asset Management LLC now owns 78,900 shares of the industrial products company’s stock worth $1,810,000 after acquiring an additional 600 shares during the last quarter. Amalgamated Bank lifted 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 worth $320,000 after acquiring an additional 788 shares during the last quarter. NJ State Employees Deferred Compensation Plan lifted its holdings in shares of Rexnord by 4.0% in the fourth quarter. NJ State Employees Deferred Compensation Plan now owns 26,000 shares of the industrial products company’s stock worth $597,000 after acquiring an additional 1,000 shares during the last quarter. Finally, AdvisorNet Financial Inc bought a new position in shares of Rexnord in the fourth quarter worth about $25,000.
In other Rexnord news, Director David C. Longren acquired 3,500 shares of the business’s stock in a transaction dated Friday, February 1st. The shares were acquired at an average price of $26.50 per share, with a total value of $92,750.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd A. Adams sold 30,000 shares of the business’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $27.09, for a total transaction of $812,700.00. Following the completion of the sale, the chief executive officer now directly owns 241,792 shares in the company, valued at approximately $6,550,145.28. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by company insiders.
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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