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

Bank of America downgraded shares of Rexnord (NYSE:RXN) from a buy rating to an underperform rating in a research note released on Friday, BenzingaRatingsTable reports.

Separately, Zacks Investment Research lowered shares of First Merchants from a hold rating to a sell rating in a report on Monday, July 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Rexnord presently has a consensus rating of Hold and a consensus price target of $31.13.

NYSE:RXN opened at $28.70 on Friday. Rexnord has a one year low of $21.38 and a one year high of $32.11. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.68 and a current ratio of 2.48. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 15.51, a price-to-earnings-growth ratio of 1.64 and a beta of 1.57. The firm has a fifty day simple moving average of $28.62.

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 consensus estimate of $0.47 by $0.04. Rexnord had a net margin of 1.68% and a return on equity of 19.22%. The company had revenue of $537.50 million for the quarter, compared to analyst estimates of $543.89 million. During the same period in the prior year, the company earned $0.47 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. On average, research analysts predict that Rexnord will post 1.92 EPS for the current year.

In other news, CEO Todd A. Adams sold 5,512 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $26.57, for a total transaction of $146,453.84. Following the sale, the chief executive officer now directly owns 332,391 shares of the company’s stock, valued at approximately $8,831,628.87. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Todd A. Adams sold 104,231 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $27.59, for a total transaction of $2,875,733.29. Following the sale, the chief executive officer now directly owns 272,883 shares in the company, valued at $7,528,841.97. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 331,976 shares of company stock worth $9,269,388. 5.00% of the stock is owned by corporate insiders.

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