Rexnord Corp to Post FY2018 Earnings of $1.38 Per Share, KeyCorp Forecasts (RXN)
Rexnord Corp (NYSE:RXN) – Investment analysts at KeyCorp upped their FY2018 earnings per share (EPS) estimates for shares of Rexnord in a report released on Wednesday. KeyCorp analyst J. Hammond now forecasts that the industrial products company will post earnings of $1.38 per share for the year, up from their prior forecast of $1.30. KeyCorp has a “Overweight” rating and a $33.00 price objective on the stock. KeyCorp also issued estimates for Rexnord’s FY2019 earnings at $1.75 EPS.
RXN has been the topic of several other reports. Zacks Investment Research lowered shares of Rexnord from a “hold” rating to a “sell” rating in a research report on Tuesday, January 2nd. TheStreet lowered shares of Rexnord from a “b-” rating to a “c+” rating in a research report on Wednesday, November 15th. Bank of America raised shares of Rexnord from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th. Deutsche Bank set a $33.00 price objective on shares of Rexnord and gave the company a “buy” rating in a research report on Friday, January 19th. Finally, ValuEngine raised shares of Rexnord from a “hold” rating to a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $30.00.
Rexnord (NYSE:RXN) last released its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.10. The firm had revenue of $492.30 million for the quarter, compared to analyst estimates of $479.66 million. Rexnord had a net margin of 8.29% and a return on equity of 13.45%. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 earnings per share.
A number of large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC bought a new position in Rexnord in the 2nd quarter valued at approximately $312,466,000. BlackRock Inc. boosted its stake in shares of Rexnord by 14.4% during the second quarter. BlackRock Inc. now owns 7,026,845 shares of the industrial products company’s stock valued at $163,374,000 after purchasing an additional 883,165 shares during the period. 1060 Capital LLC purchased a new stake in shares of Rexnord during the fourth quarter valued at approximately $18,503,000. Goldman Sachs Group Inc. boosted its stake in shares of Rexnord by 42.5% during the second quarter. Goldman Sachs Group Inc. now owns 2,028,346 shares of the industrial products company’s stock valued at $47,159,000 after purchasing an additional 604,555 shares during the period. Finally, Monarch Partners Asset Management LLC purchased a new stake in shares of Rexnord during the fourth quarter valued at approximately $11,635,000.
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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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