Rexnord (NYSE:RXN) Price Target Raised to $38.00
Rexnord (NYSE:RXN) had its price objective hoisted by Oppenheimer from $36.00 to $38.00 in a research note released on Thursday, BenzingaRatingsTable reports. Oppenheimer currently has an outperform rating on the industrial products company’s stock.
RXN has been the topic of a number of other research reports. Barclays reiterated a hold rating and issued a $28.00 price target on shares of Rexnord in a research report on Monday, April 6th. Zacks Investment Research downgraded Rexnord from a hold rating to a sell rating and set a $31.00 price target for the company. in a research report on Wednesday, July 15th. TheStreet raised Rexnord from a c+ rating to a b rating in a report on Wednesday, May 27th. Deutsche Bank raised their price target on Rexnord from $34.00 to $35.00 and gave the stock a buy rating in a report on Thursday. Finally, KeyCorp raised their price target on Rexnord from $36.00 to $37.00 and gave the stock an overweight rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $34.57.
Shares of NYSE RXN traded down $0.62 during mid-day trading on Thursday, reaching $28.97. 690,009 shares of the company’s stock were exchanged, compared to its average volume of 693,862. The business has a fifty day simple moving average of $29.10 and a 200 day simple moving average of $28.71. Rexnord has a twelve month low of $18.87 and a twelve month high of $35.64. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 2.49 and a beta of 1.58. The company has a current ratio of 2.52, a quick ratio of 2.08 and a debt-to-equity ratio of 0.85.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Thursday, August 20th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Wednesday, August 19th. Rexnord’s payout ratio is 15.92%.
In related news, CEO Todd A. Adams sold 72,440 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $32.29, for a total value of $2,339,087.60. Following the sale, the chief executive officer now directly owns 617,813 shares of the company’s stock, valued at approximately $19,949,181.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd A. Adams sold 80,635 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $29.24, for a total transaction of $2,357,767.40. Following the transaction, the chief executive officer now directly owns 439,518 shares in the company, valued at $12,851,506.32. The disclosure for this sale can be found here. Insiders sold a total of 298,177 shares of company stock valued at $9,313,045 in the last ninety days. 3.50% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its position in shares of Rexnord by 1.5% in the first quarter. Wellington Management Group LLP now owns 7,201,665 shares of the industrial products company’s stock valued at $163,262,000 after purchasing an additional 105,093 shares during the period. Impax Asset Management Group plc increased its holdings in shares of Rexnord by 6.6% in the 1st quarter. Impax Asset Management Group plc now owns 4,891,565 shares of the industrial products company’s stock valued at $110,892,000 after purchasing an additional 304,748 shares in the last quarter. Capital World Investors increased its holdings in Rexnord by 2.7% during the 1st quarter. Capital World Investors now owns 4,828,000 shares of the industrial products company’s stock valued at $109,451,000 after acquiring an additional 125,000 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Rexnord by 1.2% during the 1st quarter. Franklin Resources Inc. now owns 3,367,982 shares of the industrial products company’s stock worth $76,352,000 after purchasing an additional 38,671 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its stake in shares of Rexnord by 12.8% during the 4th quarter. Macquarie Group Ltd. now owns 3,187,876 shares of the industrial products company’s stock worth $103,988,000 after purchasing an additional 361,522 shares during the last quarter.
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.
See Also: Ex-Dividend
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