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) 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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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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