SPX (SPXC) Cut to Sell at ValuEngine

SPX (NYSE:SPXC) was downgraded by stock analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

Several other brokerages also recently weighed in on SPXC. Buckingham Research began coverage on SPX in a research note on Tuesday, September 18th. They set a “buy” rating and a $41.00 target price for the company. Zacks Investment Research downgraded SPX from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 8th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $37.75.

Shares of SPX stock opened at $27.65 on Wednesday. SPX has a fifty-two week low of $27.58 and a fifty-two week high of $39.28. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 15.53 and a beta of 1.48. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.91 and a current ratio of 1.18.

SPX (NYSE:SPXC) last issued its earnings results on Thursday, November 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.09). SPX had a return on equity of 25.23% and a net margin of 6.79%. The firm had revenue of $362.50 million during the quarter, compared to analysts’ expectations of $348.90 million. During the same period last year, the business posted $0.36 earnings per share. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. Analysts expect that SPX will post 2.2 earnings per share for the current fiscal year.

In other news, VP John Webster Nurkin sold 16,800 shares of SPX stock in a transaction that occurred on Friday, November 9th. The stock was sold at an average price of $29.08, for a total transaction of $488,544.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its holdings in shares of SPX by 533.6% during the third quarter. Tower Research Capital LLC TRC now owns 3,225 shares of the company’s stock valued at $107,000 after buying an additional 2,716 shares during the last quarter. Aristotle Atlantic Partners LLC bought a new stake in shares of SPX during the second quarter valued at approximately $211,000. Crossmark Global Holdings Inc. bought a new stake in shares of SPX during the second quarter valued at approximately $213,000. Amalgamated Bank bought a new stake in shares of SPX during the second quarter valued at approximately $241,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of SPX during the second quarter valued at approximately $252,000. 86.54% of the stock is currently owned by institutional investors.

About SPX

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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