SPX (NYSE:SPXC) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of SPX (NYSE:SPXC) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports.

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. “

Separately, Buckingham Research lifted their target price on SPX from $40.00 to $48.00 and gave the company a buy rating in a research report on Friday, September 20th.

Shares of NYSE:SPXC opened at $38.68 on Tuesday. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 15.16 and a beta of 1.39. The company has a quick ratio of 0.84, a current ratio of 1.17 and a debt-to-equity ratio of 0.75. SPX has a 12-month low of $25.22 and a 12-month high of $41.78. The business’s 50 day moving average is $39.09 and its 200 day moving average is $35.30.

SPX (NYSE:SPXC) last announced its earnings results on Thursday, August 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.15. The company had revenue of $372.40 million for the quarter, compared to analysts’ expectations of $354.65 million. SPX had a return on equity of 26.81% and a net margin of 4.21%. SPX’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 earnings per share. As a group, equities research analysts expect that SPX will post 2.7 earnings per share for the current year.

Large investors have recently made changes to their positions in the stock. Swiss National Bank boosted its position in shares of SPX by 2.4% during the second quarter. Swiss National Bank now owns 80,918 shares of the company’s stock valued at $2,672,000 after buying an additional 1,900 shares during the last quarter. Bank of Montreal Can boosted its position in shares of SPX by 2,038.6% during the second quarter. Bank of Montreal Can now owns 43,905 shares of the company’s stock valued at $1,450,000 after buying an additional 41,852 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in SPX by 14.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 283,388 shares of the company’s stock worth $9,358,000 after acquiring an additional 36,706 shares during the period. Atria Investments LLC bought a new stake in SPX during the second quarter worth $5,243,000. Finally, Bessemer Group Inc. bought a new stake in SPX during the second quarter worth $380,000. 87.25% of the stock is currently owned by institutional investors.

About SPX

SPX Corporation supplies infrastructure equipment serving the heating, ventilation and cooling (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 in three segments: HVAC, Detection and Measurement, and Engineered Solutions.

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