Brokers Issue Forecasts for Rexnord Corp’s Q3 2019 Earnings (RXN)

Share on StockTwits

Rexnord Corp (NYSE:RXN) – KeyCorp reduced their Q3 2019 earnings per share estimates for Rexnord in a note issued to investors on Tuesday, October 30th. KeyCorp analyst J. Hammond now expects that the industrial products company will earn $0.36 per share for the quarter, down from their previous estimate of $0.38. KeyCorp currently has a “Overweight” rating and a $34.00 target price on the stock. KeyCorp also issued estimates for Rexnord’s Q4 2019 earnings at $0.47 EPS, FY2019 earnings at $1.70 EPS, Q1 2020 earnings at $0.44 EPS, Q2 2020 earnings at $0.50 EPS, Q3 2020 earnings at $0.46 EPS and Q4 2020 earnings at $0.55 EPS.

Rexnord (NYSE:RXN) last released its earnings results on Tuesday, October 30th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.04. Rexnord had a positive return on equity of 16.74% and a negative net margin of 0.89%. The business had revenue of $524.80 million for the quarter, compared to analyst estimates of $516.66 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. Rexnord’s revenue was up 15.6% on a year-over-year basis.

Several other analysts have also issued reports on RXN. TheStreet lowered Rexnord from a “b” rating to a “c+” rating in a report on Thursday, October 25th. ValuEngine lowered Rexnord from a “buy” rating to a “hold” rating in a report on Thursday, October 18th. Oppenheimer restated a “buy” rating and issued a $35.00 price objective on shares of Rexnord in a research note on Monday, July 30th. Goldman Sachs Group started coverage on Rexnord in a research note on Tuesday, October 2nd. They issued a “neutral” rating and a $31.00 price objective on the stock. Finally, Bank of America upped their price objective on Rexnord from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $32.71.

RXN opened at $26.81 on Thursday. Rexnord has a 52-week low of $22.89 and a 52-week high of $32.11. The stock has a market cap of $2.54 billion, a P/E ratio of 19.29, a P/E/G ratio of 0.88 and a beta of 1.50. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.62 and a current ratio of 2.40.

Large investors have recently added to or reduced their stakes in the business. Baird Financial Group Inc. raised its stake in Rexnord by 29.4% in the second quarter. Baird Financial Group Inc. now owns 108,120 shares of the industrial products company’s stock valued at $3,142,000 after buying an additional 24,589 shares during the period. NJ State Employees Deferred Compensation Plan raised its stake in Rexnord by 42.9% in the second quarter. NJ State Employees Deferred Compensation Plan now owns 20,000 shares of the industrial products company’s stock valued at $581,000 after buying an additional 6,000 shares during the period. California Public Employees Retirement System raised its stake in Rexnord by 17.3% in the second quarter. California Public Employees Retirement System now owns 264,873 shares of the industrial products company’s stock valued at $7,697,000 after buying an additional 38,990 shares during the period. Wells Fargo & Company MN raised its stake in Rexnord by 5.6% in the second quarter. Wells Fargo & Company MN now owns 2,172,269 shares of the industrial products company’s stock valued at $63,126,000 after buying an additional 116,164 shares during the period. Finally, Adams Diversified Equity Fund Inc. bought a new stake in Rexnord in the second quarter valued at approximately $750,000.

About Rexnord

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.

Read More: Understanding Price to Earnings Ratio (PE)

Earnings History and Estimates for Rexnord (NYSE:RXN)

Receive News & Ratings for Rexnord Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rexnord and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply