Oppenheimer Believes Rexnord (NYSE: RXN) Won’t Stop Here

In a report released today, Bryan Blair from Oppenheimer assigned a Buy rating to Rexnord (RXNResearch Report), with a price target of $50.00. The company’s shares closed last Wednesday at $44.48, close to its 52-week high of $49.08.

According to TipRanks.com, Blair is a 5-star analyst with an average return of 20.8% and a 69.9% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Lincoln Electric Holdings, Watts Water Technologies, and Altra Industrial Motion.

Currently, the analyst consensus on Rexnord is a Moderate Buy with an average price target of $42.00, which is a -9.5% downside from current levels. In a report issued on January 12, Deutsche Bank also maintained a Buy rating on the stock with a $50.00 price target.

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Based on Rexnord’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $494 million and net profit of $45.4 million. In comparison, last year the company earned revenue of $521 million and had a net profit of $56.6 million.

Based on the recent corporate insider activity of 77 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RXN in relation to earlier this year. Most recently, in November 2020, Kevin Zaba, the Group Ex., President-PMC of RXN sold 64,115 shares for a total of $2,375,461.

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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. The Water Management segment designs, procures, manufactures and markets products for water quality, safety, flow control enhancements, and conservation. The company was founded by Christopher W. Levalley, F. W. Sivyer and W. A. Draves in 1891 and is headquartered in Milwaukee, WI.