On Wednesday the company announced the pricing of its public offering of commons stock held by certain funds affiliated with Apollo Global Management, LLC. (APO).
Apollo funds will sell 15 million shares of Rexnord common stock at a price of $25.50 per share.
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Underwriters were given the option to purchase an additional 2,250,000 shares of common stock.
Rexnord will not issue any shares and will not receive any proceeds from the sale of the shares by the selling stockholders in the offering, the company said.
TheStreet Ratings team rates REXNORD CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate REXNORD CORP (RXN) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."