An issue of Rexnord Corp (NYSE:RXN) debt fell 0.5% as a percentage of its face value during trading on Monday. The debt issue has a 4.875% coupon and will mature on December 15, 2025. The debt is now trading at $98.50 and was trading at $99.00 last week. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.
RXN has been the subject of a number of research reports. TheStreet upgraded Rexnord from a “c+” rating to a “b” rating in a report on Friday, January 26th. Bank of America upgraded Rexnord from a “neutral” rating to a “buy” rating in a report on Monday, January 8th. Deutsche Bank set a $33.00 price target on Rexnord and gave the company a “buy” rating in a report on Friday, January 19th. ValuEngine upgraded Rexnord from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Barclays initiated coverage on Rexnord in a report on Thursday, February 15th. They issued an “equal weight” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $30.57.
Shares of Rexnord Corp (NYSE:RXN) traded up $0.59 during trading hours on Monday, reaching $29.59. 515,395 shares of the company were exchanged, compared to its average volume of 897,208. The company has a market capitalization of $3,080.00, a P/E ratio of 36.99, a price-to-earnings-growth ratio of 2.17 and a beta of 1.76. Rexnord Corp has a 52 week low of $21.51 and a 52 week high of $31.44. The company has a quick ratio of 1.58, a current ratio of 2.49 and a debt-to-equity ratio of 1.05.
A number of large investors have recently modified their holdings of RXN. Macquarie Group Ltd. bought a new position in Rexnord in the fourth quarter worth approximately $112,000. Global X Management Co. LLC raised its stake in Rexnord by 75.3% in the fourth quarter. Global X Management Co. LLC now owns 7,194 shares of the industrial products company’s stock worth $187,000 after buying an additional 3,090 shares in the last quarter. Parametrica Management Ltd bought a new position in Rexnord in the third quarter worth approximately $212,000. Ameritas Investment Partners Inc. raised its stake in Rexnord by 27.7% in the second quarter. Ameritas Investment Partners Inc. now owns 9,142 shares of the industrial products company’s stock worth $213,000 after buying an additional 1,981 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new position in Rexnord in the third quarter worth approximately $219,000. 99.67% of the stock is owned by institutional investors.
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Rexnord Company Profile
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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