Rexnord (RXN) Received its Third Buy in a Row

After Deutsche Bank and Robert W. Baird gave Rexnord (NYSE: RXN) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Bryan Blair assigned a Buy rating to Rexnord yesterday and set a price target of $54.00. The company’s shares closed last Tuesday at $51.10, close to its 52-week high of $51.63.

According to TipRanks.com, Blair is a 5-star analyst with an average return of 27.0% and a 74.6% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Lincoln Electric Holdings, Watts Water Technologies, and Altra Industrial Motion.

Rexnord has an analyst consensus of Strong Buy, with a price target consensus of $55.20, which is a 10.2% upside from current levels. In a report issued on April 28, Robert W. Baird also assigned a Buy rating to the stock with a $59.00 price target.

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Rexnord’s market cap is currently $6.05B and has a P/E ratio of 36.70. The company has a Price to Book ratio of -15.03.

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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.