SPX Corp (SPXC) Cut to Hold at Zacks Investment Research
Zacks Investment Research cut shares of SPX Corp (NASDAQ:SPXC) from a buy rating to a hold rating in a research report released on Wednesday.
According to Zacks, “SPX Corporation is a global supplier of infrastructure equipment. The company, SPX supplies infrastructure equipment serving the heating and ventilation (HVAC), detection and measurement, power transmission and generation, and industrial markets in the United States, China, South Africa, the United Kingdom, and internationally. It operates through three segments: HVAC, Detection and Measurement, and Engineered Solutions. The HVAC solutions offered by its businesses include package cooling towers, residential and commercial boilers, heating and ventilation products. Its detection and measurement product lines encompass underground pipe and cable locators, and inspection equipment. Within its power platform, it is a manufacturer of medium and large power transformers, as well as equipment for various types of power plant, including cooling equipment, heat exchangers and pollution control systems. SPX Corporation is headquartered in Charlotte, North Carolina. “
Separately, BidaskClub raised SPX Corp from a buy rating to a strong-buy rating in a research note on Saturday, September 30th.
Shares of SPX Corp (NASDAQ:SPXC) traded up 0.34% during trading on Wednesday, hitting $29.13. The company had a trading volume of 178,311 shares. SPX Corp has a 12-month low of $15.49 and a 12-month high of $29.55. The stock’s market capitalization is $1.24 billion. The stock has a 50-day moving average of $25.53 and a 200 day moving average of $25.30.
SPX Corp (NASDAQ:SPXC) last released its earnings results on Thursday, August 3rd. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.35 by $0.09. SPX Corp had a negative return on equity of 15.86% and a negative net margin of 2.37%. The business had revenue of $349.70 million during the quarter, compared to analysts’ expectations of $354.84 million. During the same quarter last year, the firm posted $0.33 earnings per share. The firm’s revenue was down 5.8% on a year-over-year basis. On average, analysts predict that SPX Corp will post $1.75 EPS for the current fiscal year.
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Institutional investors have recently made changes to their positions in the business. Flinton Capital Management LLC grew its stake in SPX Corp by 40.7% in the second quarter. Flinton Capital Management LLC now owns 4,114 shares of the company’s stock valued at $103,000 after acquiring an additional 1,190 shares during the period. Riverhead Capital Management LLC grew its stake in SPX Corp by 43.6% in the second quarter. Riverhead Capital Management LLC now owns 4,164 shares of the company’s stock valued at $105,000 after acquiring an additional 1,264 shares during the period. SG Americas Securities LLC acquired a new stake in SPX Corp in the first quarter valued at approximately $113,000. Quantbot Technologies LP acquired a new stake in SPX Corp in the first quarter valued at approximately $148,000. Finally, Capital Fund Management S.A. acquired a new stake in SPX Corp in the second quarter valued at approximately $201,000.
About SPX Corp
SPX Corporation is a global supplier of infrastructure equipment. The Company operates through three segments: HVAC; Detection and Measurement, and Engineered Solutions. The HVAC solutions offered by its businesses include package cooling towers, residential and commercial boilers, heating and ventilation products.
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