SPX (SPXC) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research cut shares of SPX (NYSE:SPXC) from a hold rating to a strong sell rating in a research note published on Friday.
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. “
Other equities analysts have also issued research reports about the stock. BidaskClub upgraded shares of SPX from a hold rating to a buy rating in a report on Wednesday, September 20th. TheStreet upgraded shares of SPX from a d+ rating to a c rating in a report on Monday, November 6th. UBS Group upped their price objective on shares of SPX from $36.00 to $39.00 and gave the company a buy rating in a report on Friday, November 3rd. Finally, ValuEngine lowered shares of SPX from a strong-buy rating to a buy rating in a report on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $37.00.
SPX (NYSE:SPXC) traded down $0.32 during midday trading on Friday, hitting $32.50. 266,400 shares of the company’s stock were exchanged, compared to its average volume of 195,700. The company has a market capitalization of $1,384.80, a PE ratio of -23.90 and a beta of 1.72. SPX has a 12-month low of $21.97 and a 12-month high of $33.18. The company has a current ratio of 1.15, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22.
SPX (NYSE:SPXC) last posted its earnings results on Thursday, November 2nd. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.08. The firm had revenue of $348.50 million for the quarter, compared to analysts’ expectations of $343.12 million. SPX had a negative net margin of 3.86% and a positive return on equity of 37.49%. The company’s revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 earnings per share. analysts expect that SPX will post 1.8 EPS for the current year.
In other news, CAO Michael Andrew Reilly sold 3,833 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $30.59, for a total transaction of $117,251.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.55% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Rothschild Asset Management Inc. grew its position in shares of SPX by 506.5% during the 3rd quarter. Rothschild Asset Management Inc. now owns 1,168,111 shares of the company’s stock valued at $34,272,000 after acquiring an additional 975,500 shares during the period. Vanguard Group Inc. grew its position in shares of SPX by 12.1% during the 2nd quarter. Vanguard Group Inc. now owns 4,231,505 shares of the company’s stock valued at $106,465,000 after acquiring an additional 455,828 shares during the period. Sei Investments Co. grew its position in shares of SPX by 538.5% during the 3rd quarter. Sei Investments Co. now owns 240,676 shares of the company’s stock valued at $7,062,000 after acquiring an additional 202,984 shares during the period. Peregrine Capital Management LLC grew its position in shares of SPX by 26.2% during the 3rd quarter. Peregrine Capital Management LLC now owns 845,671 shares of the company’s stock valued at $24,812,000 after acquiring an additional 175,601 shares during the period. Finally, Kennedy Capital Management Inc. grew its position in shares of SPX by 221.3% during the 2nd quarter. Kennedy Capital Management Inc. now owns 195,382 shares of the company’s stock valued at $4,916,000 after acquiring an additional 134,563 shares during the period. 86.85% of the stock is owned by institutional investors and hedge funds.
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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.
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