SPX (SPXC) Downgraded by Zacks Investment Research to Strong Sell

Zacks Investment Research lowered shares of SPX (NYSE:SPXC) from a hold rating to a strong sell rating in a research report sent to investors on Friday morning.

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. “

A number of other brokerages also recently weighed in on SPXC. ValuEngine downgraded shares of SPX from a buy rating to a hold rating in a research note on Friday, December 1st. BidaskClub raised shares of SPX from a buy rating to a strong-buy rating in a research note on Saturday, September 30th. UBS Group raised their target price on shares of SPX from $36.00 to $39.00 and gave the company a buy rating in a research note on Friday, November 3rd. Finally, TheStreet raised shares of SPX from a d+ rating to a c rating in a research note on Monday, November 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. SPX presently has an average rating of Buy and an average target price of $37.00.

SPX (NYSE:SPXC) opened at $32.36 on Friday. SPX has a one year low of $21.97 and a one year high of $33.18. The firm has a market cap of $1,384.80, a P/E ratio of -23.79 and a beta of 1.72. 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 announced its earnings results on Thursday, November 2nd. The company reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.08. SPX had a negative net margin of 3.86% and a positive return on equity of 37.49%. The business had revenue of $348.50 million during the quarter, compared to the consensus estimate of $343.12 million. During the same quarter last year, the firm earned $0.14 earnings per share. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. equities research analysts expect that SPX will post 1.8 EPS for the current fiscal year.

In related news, CAO Michael Andrew Reilly sold 3,833 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $30.59, for a total transaction of $117,251.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.55% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in SPX by 2.6% in the second quarter. Bank of New York Mellon Corp now owns 554,448 shares of the company’s stock worth $13,949,000 after purchasing an additional 13,904 shares during the last quarter. Legal & General Group Plc boosted its holdings in SPX by 14.6% in the second quarter. Legal & General Group Plc now owns 84,978 shares of the company’s stock worth $2,138,000 after purchasing an additional 10,818 shares during the last quarter. BNP Paribas Arbitrage SA boosted its holdings in SPX by 44.2% in the second quarter. BNP Paribas Arbitrage SA now owns 17,621 shares of the company’s stock worth $443,000 after purchasing an additional 5,403 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in SPX by 3.5% in the second quarter. Principal Financial Group Inc. now owns 332,191 shares of the company’s stock worth $8,358,000 after purchasing an additional 11,248 shares during the last quarter. Finally, Chicago Equity Partners LLC purchased a new stake in SPX in the second quarter worth approximately $799,000. 86.85% of the stock is owned by institutional investors.

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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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