SPX (SPXC) Cut to “Hold” at ValuEngine
ValuEngine lowered shares of SPX (NYSE:SPXC) from a buy rating to a hold rating in a research note published on Friday.
A number of other analysts also recently issued reports on SPXC. Zacks Investment Research raised SPX from a hold rating to a buy rating and set a $30.00 price objective for the company in a research report on Tuesday, August 8th. BidaskClub raised SPX from a sell rating to a hold rating in a research report on Tuesday, September 12th. UBS raised their price objective on SPX from $36.00 to $39.00 and gave the stock a buy rating in a research report on Friday, November 3rd. Finally, TheStreet raised SPX from a d+ rating to a c rating in a research report on Monday, November 6th. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. SPX has an average rating of Buy and an average target price of $37.00.
SPX (SPXC) traded down $0.32 during midday trading on Friday, hitting $31.57. The stock had a trading volume of 149,500 shares, compared to its average volume of 270,573. SPX has a fifty-two week low of $21.97 and a fifty-two week high of $32.71. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 1.15. The stock has a market cap of $1,345.17, a price-to-earnings ratio of 16.88 and a beta of 1.72.
SPX (NYSE:SPXC) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.28 by $0.08. SPX had a positive return on equity of 37.49% and a negative net margin of 3.86%. The business had revenue of $348.50 million for the quarter, compared to analyst estimates of $343.12 million. During the same quarter in the previous year, the firm earned $0.14 EPS. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. equities research analysts expect that SPX will post 1.8 earnings per share for the current fiscal year.
In other news, CAO Michael Andrew Reilly sold 3,833 shares of SPX stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $30.59, for a total value of $117,251.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.55% of the company’s stock.
A number of hedge funds have recently bought and sold shares of SPXC. Arizona State Retirement System grew its holdings in SPX by 0.5% during the second quarter. Arizona State Retirement System now owns 22,100 shares of the company’s stock worth $556,000 after acquiring an additional 100 shares during the period. Louisiana State Employees Retirement System grew its holdings in SPX by 0.6% during the second quarter. Louisiana State Employees Retirement System now owns 17,300 shares of the company’s stock worth $435,000 after acquiring an additional 100 shares during the period. Texas Permanent School Fund grew its holdings in SPX by 1.2% during the second quarter. Texas Permanent School Fund now owns 30,951 shares of the company’s stock worth $779,000 after acquiring an additional 380 shares during the period. Municipal Employees Retirement System of Michigan grew its holdings in SPX by 5.1% during the second quarter. Municipal Employees Retirement System of Michigan now owns 9,970 shares of the company’s stock worth $251,000 after acquiring an additional 480 shares during the period. Finally, Royal Bank of Canada grew its holdings in SPX by 6.6% during the second quarter. Royal Bank of Canada now owns 8,857 shares of the company’s stock worth $223,000 after acquiring an additional 549 shares during the period. Hedge funds and other institutional investors own 87.41% of the company’s stock.
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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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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