Rexnord (NYSE:RXN) Hires Goldman Sachs (GS) to Review Strategic Choices; Stock Soars

The Milwaukee-based Rexnord Corp (NYSE:RXN) stock hiked in afterhours trading session after appointing Goldman Sachs Group, Inc (NYSE:GS) to review choices including a sale.

Rexnord reported in a statement on Monday that the choices under study also comprise selling pieces of the corporation, whose units make motion-control and water- management equipment.

Shares of ball-bearing manufacturer company owned by Apollo Global Management LLC moved up 14% to settle at $22.99 at 7:59 PM in late trading session, after tumbling 0.4% at the New York close.

Rexnord reported on its website that it provides parts for The Boeing Company’s (NYSE:BA) 737 narrow-body airplane in addition to its 747, 777 and 787 Dreamliner wide-body planes.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Altra Holdings, Inc. (NASDAQ:AIMC) fell -0.77% to settle at $24.46, RBC Bearings Incorporated (NASDAQ:ROLL) moved down -0.24% to end at $49.82 while NN, Inc. (NASDAQ:NNBR) jumped +0.44% to finish at $9.20 on Monday.

Rexnord Corp (NYSE:RXN) last session’s volume of 322,841 shares was higher than its average volume of 212,222 shares. The stock after opening at $20.29 hit high price of $2.29 and then closed at $20.21 by scoring -0.39%.

RXN generated revenue of $2.03 billion in the previous twelve months and earned $33.80 million. The Company showed a positive 1.66% in the net profit margin as well as in its operating margin which remained at 10.22%. Company’s annual sales growth for the past five years was 9.42%.

The RXN’s past twelve months’ price to sales ratio was 0.96 and price to cash ratio remained 4.44.

The stock showed weekly upbeat performance of 4.01% which was maintained for the month at 1.35%. Likewise the positive performance for the quarter was recorded as 11.04% and for the YTD performance remained at -5.12%.

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