SPX (NYSE:SPXC) was downgraded by investment analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
Other analysts have also issued research reports about the stock. Buckingham Research dropped their target price on shares of SPX from $41.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, November 2nd. Zacks Investment Research lowered shares of SPX from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. SPX currently has a consensus rating of “Hold” and a consensus target price of $37.75.
Shares of NYSE SPXC opened at $27.48 on Wednesday. SPX has a 52-week low of $26.35 and a 52-week high of $39.28. The stock has a market capitalization of $1.20 billion, a PE ratio of 15.44 and a beta of 1.47. The company has a current ratio of 1.18, a quick ratio of 0.91 and a debt-to-equity ratio of 0.92.
SPX (NYSE:SPXC) last announced its earnings results on Thursday, November 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.09). SPX had a net margin of 6.79% and a return on equity of 25.23%. The company had revenue of $362.50 million during the quarter, compared to analyst estimates of $348.90 million. During the same quarter last year, the business earned $0.36 EPS. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. Research analysts predict that SPX will post 2.2 earnings per share for the current fiscal year.
In related news, VP John Webster Nurkin sold 16,800 shares of the business’s stock in a transaction dated Friday, November 9th. The shares were sold at an average price of $29.08, for a total transaction of $488,544.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.60% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of SPXC. Tower Research Capital LLC TRC boosted its position in SPX by 533.6% during the third quarter. Tower Research Capital LLC TRC now owns 3,225 shares of the company’s stock worth $107,000 after acquiring an additional 2,716 shares during the last quarter. Aristotle Atlantic Partners LLC acquired a new position in SPX during the second quarter worth about $211,000. Crossmark Global Holdings Inc. acquired a new position in SPX during the second quarter worth about $213,000. Amalgamated Bank acquired a new position in SPX during the second quarter worth about $241,000. Finally, Cubist Systematic Strategies LLC acquired a new position in SPX during the second quarter worth about $252,000. Hedge funds and other institutional investors own 86.54% of the company’s stock.
SPX Corporation 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.
Recommended Story: Swap
To view ValuEngine’s full report, visit ValuEngine’s official website.
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.