SPX (SPXC) Downgraded to “Sell” at Zacks Investment Research

SPX (SPXC) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of SPX (NYSE:SPXC) from a hold rating to a sell rating in a report released on Saturday.

According to Zacks, “SPX Corporation (NYSE: SPXC) is, along with its subsidiaries, a diversified, global supplier of infrastructure equipment with scalable growth platforms in heating, ventilation and air conditioning (HVAC), detection and measurement, and engineered solutions. HVAC solutions offered include cooling towers, residential and commercial boilers and comfort heating products. The detection and measurement products encompass underground locators and inspection equipment, fare collection systems, communication technologies and specialty lighting. Within the engineered solutions platform, SPX Corporation is a leading manufacturer of medium and large electrical transformers, as well as cooling towers and heat exchangers for industrial applications. With operations in 15 countries and approximately $1.5 billion in annual revenue, SPX offers a wide array of highly engineered products with strong brands. Based in Charlotte, North Carolina, SPX Corporation employs approximately 5,000 people worldwide. “

Other analysts also recently issued research reports about the stock. ValuEngine raised shares of SPX from a hold rating to a buy rating in a report on Friday, February 2nd. Susquehanna Bancshares set a $32.00 target price on shares of SPX and gave the company a hold rating in a report on Friday. TheStreet raised shares of SPX from a c rating to a b- rating in a report on Thursday. Finally, UBS Group began coverage on shares of SPX in a report on Tuesday, January 23rd. They issued a buy rating and a $41.00 target price on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $36.00.

SPX (NYSE:SPXC) opened at $30.94 on Friday. SPX has a 52-week low of $21.97 and a 52-week high of $33.93. 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 $1,318.32, a price-to-earnings ratio of 15.32 and a beta of 1.64.

SPX (NYSE:SPXC) last issued its quarterly earnings data on Thursday, February 15th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.01). The business had revenue of $387.00 million for the quarter, compared to analysts’ expectations of $396.35 million. SPX had a return on equity of 34.86% and a net margin of 6.26%. The company’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.69 earnings per share. equities analysts anticipate that SPX will post 2.1 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the company. Northern Trust Corp boosted its holdings in shares of SPX by 4.6% in the second quarter. Northern Trust Corp now owns 553,246 shares of the company’s stock valued at $13,919,000 after acquiring an additional 24,280 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of SPX by 84.2% in the third quarter. Wells Fargo & Company MN now owns 85,053 shares of the company’s stock valued at $2,496,000 after acquiring an additional 38,867 shares in the last quarter. Peregrine Capital Management LLC boosted its holdings in SPX by 26.2% during the third quarter. Peregrine Capital Management LLC now owns 845,671 shares of the company’s stock worth $24,812,000 after buying an additional 175,601 shares in the last quarter. Rothschild Asset Management Inc. boosted its holdings in SPX by 506.5% during the third quarter. Rothschild Asset Management Inc. now owns 1,168,111 shares of the company’s stock worth $34,272,000 after buying an additional 975,500 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in SPX during the fourth quarter worth about $4,713,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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About SPX

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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Zacks Investment Research downgraded shares of SPX (NYSE:SPXC) from a hold rating to a sell rating in a report released on Saturday morning.

According to Zacks, “SPX Corporation (NYSE: SPXC) is, along with its subsidiaries, a diversified, global supplier of infrastructure equipment with scalable growth platforms in heating, ventilation and air conditioning (HVAC), detection and measurement, and engineered solutions. HVAC solutions offered include cooling towers, residential and commercial boilers and comfort heating products. The detection and measurement products encompass underground locators and inspection equipment, fare collection systems, communication technologies and specialty lighting. Within the engineered solutions platform, SPX Corporation is a leading manufacturer of medium and large electrical transformers, as well as cooling towers and heat exchangers for industrial applications. With operations in 15 countries and approximately $1.5 billion in annual revenue, SPX offers a wide array of highly engineered products with strong brands. Based in Charlotte, North Carolina, SPX Corporation employs approximately 5,000 people worldwide. “

Several other brokerages have also commented on SPXC. Susquehanna Bancshares set a $32.00 price target on shares of SPX and gave the stock a hold rating in a research note on Friday. TheStreet upgraded shares of SPX from a c rating to a b- rating in a research note on Thursday. ValuEngine lowered shares of SPX from a strong-buy rating to a buy rating in a research note on Tuesday, November 14th. Finally, UBS Group began coverage on shares of SPX in a research note on Tuesday, January 23rd. They set a buy rating and a $41.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. SPX presently has a consensus rating of Buy and an average price target of $36.00.

Shares of SPX (NYSE SPXC) opened at $30.94 on Friday. SPX has a fifty-two week low of $21.97 and a fifty-two week high of $33.93. The firm has a market cap of $1,318.32, a price-to-earnings ratio of 15.32 and a beta of 1.64. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.15 and a quick ratio of 0.81.

SPX (NYSE:SPXC) last announced its quarterly earnings data on Thursday, February 15th. The company reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.01). SPX had a net margin of 6.26% and a return on equity of 34.86%. The firm had revenue of $387.00 million during the quarter, compared to analyst estimates of $396.35 million. During the same quarter in the previous year, the business posted $0.69 earnings per share. SPX’s revenue for the quarter was down 2.1% compared to the same quarter last year. sell-side analysts anticipate that SPX will post 2.1 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of SPXC. Quantitative Systematic Strategies LLC purchased a new position in SPX during the 3rd quarter worth $202,000. OxFORD Asset Management LLP purchased a new position in SPX during the 3rd quarter worth $202,000. Milestone Group Inc. purchased a new position in SPX during the 3rd quarter worth $206,000. IFC Holdings Incorporated FL purchased a new position in SPX during the 4th quarter worth $207,000. Finally, Globeflex Capital L P purchased a new position in SPX during the 4th quarter worth $222,000. 87.18% of the stock is currently owned by institutional investors.

TRADEMARK VIOLATION NOTICE: This story was reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this story on another publication, it was stolen and reposted in violation of U.S. & international copyright & trademark laws. The correct version of this story can be viewed at https://www.dispatchtribunal.com/2018/02/18/spx-spxc-downgraded-to-sell-at-zacks-investment-research.html.

About SPX

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.

Receive News & Ratings for SPX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SPX and related companies with MarketBeat.com's FREE daily email newsletter.

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