Zacks Investment Research upgraded shares of SPX (NYSE:SPXC) from a sell rating to a hold rating in a report released on Thursday 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. “
A number of other research analysts have also recently issued reports on SPXC. ValuEngine cut shares of SPX from a buy rating to a hold rating in a report on Wednesday, August 15th. Buckingham Research started coverage on shares of SPX in a report on Tuesday, September 18th. They issued a buy rating and a $41.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $37.75.
Shares of NYSE SPXC opened at $27.02 on Thursday. The company has a market cap of $1.17 billion, a P/E ratio of 15.18 and a beta of 1.47. The company has a quick ratio of 0.91, a current ratio of 1.18 and a debt-to-equity ratio of 0.92. SPX has a 52-week low of $26.35 and a 52-week high of $39.28.
SPX (NYSE:SPXC) last issued its quarterly earnings data on Thursday, November 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.09). The firm had revenue of $362.50 million for the quarter, compared to analyst estimates of $348.90 million. SPX had a net margin of 6.79% and a return on equity of 25.23%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS. As a group, equities research analysts predict that SPX will post 2.2 earnings per share for the current year.
In other news, VP John Webster Nurkin sold 16,800 shares of the company’s stock in a transaction that occurred on Friday, November 9th. The shares were sold at an average price of $29.08, for a total value of $488,544.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of SPX by 5.0% in the third quarter. BlackRock Inc. now owns 6,119,749 shares of the company’s stock valued at $203,849,000 after buying an additional 291,970 shares during the period. Vanguard Group Inc. lifted its position in shares of SPX by 1.6% in the third quarter. Vanguard Group Inc. now owns 4,687,700 shares of the company’s stock worth $156,148,000 after purchasing an additional 75,127 shares in the last quarter. Selz Capital LLC lifted its position in shares of SPX by 12.1% in the third quarter. Selz Capital LLC now owns 1,058,500 shares of the company’s stock worth $35,259,000 after purchasing an additional 113,845 shares in the last quarter. FMR LLC lifted its position in shares of SPX by 21.7% in the third quarter. FMR LLC now owns 952,329 shares of the company’s stock worth $31,722,000 after purchasing an additional 169,619 shares in the last quarter. Finally, Peregrine Capital Management LLC lifted its position in shares of SPX by 2.7% in the third quarter. Peregrine Capital Management LLC now owns 858,732 shares of the company’s stock worth $28,604,000 after purchasing an additional 22,684 shares in the last quarter. 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.
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