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

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Rexnord (NYSE:RXN) was downgraded by research analysts at Bank of America from a “buy” rating to an “underperform” rating in a research note issued on Friday, MarketBeat reports.

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

NYSE RXN opened at $28.81 on Friday. Rexnord has a one year low of $21.38 and a one year high of $32.11. The firm has a 50-day simple moving average of $28.50. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.48 and a quick ratio of 1.68. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 15.57, a PEG ratio of 1.60 and a beta of 1.57.

Rexnord (NYSE:RXN) last posted its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.04. The business had revenue of $537.50 million during the quarter, compared to analyst estimates of $543.89 million. Rexnord had a net margin of 1.68% and a return on equity of 19.22%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.47 EPS. Equities research analysts expect that Rexnord will post 1.95 earnings per share for the current year.

In other Rexnord news, insider Michael Troutman sold 11,845 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $29.51, for a total transaction of $349,545.95. Following the completion of the transaction, the insider now directly owns 46,525 shares of the company’s stock, valued at approximately $1,372,952.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd A. Adams sold 12,786 shares of the business’s stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $28.79, for a total transaction of $368,108.94. Following the transaction, the chief executive officer now directly owns 664,337 shares of the company’s stock, valued at $19,126,262.23. The disclosure for this sale can be found here. Insiders have sold a total of 331,976 shares of company stock valued at $9,269,388 over the last three months. 5.00% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. NumerixS Investment Technologies Inc bought a new stake in shares of Rexnord during the 4th quarter worth about $25,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Rexnord during the 1st quarter worth about $290,000. Moors & Cabot Inc. bought a new stake in shares of Rexnord during the 1st quarter worth about $294,000. Hsbc Holdings PLC raised its position in shares of Rexnord by 26.8% during the 4th quarter. Hsbc Holdings PLC now owns 11,810 shares of the industrial products company’s stock worth $271,000 after buying an additional 2,497 shares in the last quarter. Finally, Stone Ridge Asset Management LLC raised its position in shares of Rexnord by 14.2% during the 4th quarter. Stone Ridge Asset Management LLC now owns 12,098 shares of the industrial products company’s stock worth $278,000 after buying an additional 1,500 shares in the last quarter.

About Rexnord

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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