Rexnord Corp to Post FY2019 Earnings of $1.79 Per Share, SunTrust Banks Forecasts (RXN)

Rexnord Corp (NYSE:RXN) – Analysts at SunTrust Banks boosted their FY2019 EPS estimates for shares of Rexnord in a research note issued to investors on Thursday, November 1st. SunTrust Banks analyst C. Brady now expects that the industrial products company will post earnings of $1.79 per share for the year, up from their prior forecast of $1.71. SunTrust Banks also issued estimates for Rexnord’s Q4 2019 earnings at $0.51 EPS, Q2 2020 earnings at $0.49 EPS, Q3 2020 earnings at $0.45 EPS, Q4 2020 earnings at $0.56 EPS and FY2020 earnings at $1.96 EPS.

Rexnord (NYSE:RXN) last issued its quarterly earnings data on Tuesday, October 30th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.04. The firm had revenue of $524.80 million during the quarter, compared to analysts’ expectations of $516.66 million. Rexnord had a negative net margin of 0.89% and a positive return on equity of 16.99%. Rexnord’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share.

A number of other brokerages have also recently issued reports on RXN. Oppenheimer restated a “buy” rating and set a $35.00 price target on shares of Rexnord in a report on Monday, July 30th. TheStreet cut shares of Rexnord from a “b” rating to a “c+” rating in a report on Thursday, October 25th. Goldman Sachs Group initiated coverage on shares of Rexnord in a report on Tuesday, October 2nd. They set a “neutral” rating and a $31.00 price target for the company. KeyCorp upped their price target on shares of Rexnord from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Tuesday, July 31st. Finally, Bank of America upped their price target on shares of Rexnord from $32.00 to $33.00 and gave the company a “buy” rating in a report on Tuesday, July 31st. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $32.71.

Shares of NYSE:RXN opened at $28.32 on Friday. The firm has a market capitalization of $2.96 billion, a P/E ratio of 20.37, a price-to-earnings-growth ratio of 1.00 and a beta of 1.48. Rexnord has a 1 year low of $22.89 and a 1 year high of $32.11. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.23 and a quick ratio of 1.62.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC raised its position in shares of Rexnord by 0.9% during the second quarter. Janus Henderson Group PLC now owns 15,165,954 shares of the industrial products company’s stock valued at $440,723,000 after buying an additional 140,597 shares during the last quarter. FMR LLC raised its position in shares of Rexnord by 21.2% during the second quarter. FMR LLC now owns 6,238,342 shares of the industrial products company’s stock valued at $181,286,000 after buying an additional 1,089,253 shares during the last quarter. Jennison Associates LLC raised its position in shares of Rexnord by 0.9% during the second quarter. Jennison Associates LLC now owns 3,498,406 shares of the industrial products company’s stock valued at $101,664,000 after buying an additional 31,160 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Rexnord by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,848,021 shares of the industrial products company’s stock valued at $82,763,000 after buying an additional 82,879 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Rexnord by 5.8% during the third quarter. Wells Fargo & Company MN now owns 2,298,609 shares of the industrial products company’s stock valued at $70,798,000 after buying an additional 126,340 shares during the last quarter.

In other news, Director Theodore D. Crandall purchased 4,000 shares of the firm’s stock in a transaction on Thursday, November 1st. The stock was bought at an average cost of $27.84 per share, for a total transaction of $111,360.00. Following the completion of the acquisition, the director now directly owns 20,330 shares of the company’s stock, valued at $565,987.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.50% of the stock is owned by corporate insiders.

Rexnord Company Profile

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.

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Earnings History and Estimates for Rexnord (NYSE:RXN)

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