Zacks: Analysts Expect SPX Corp (NYSE:SPXC) Will Post Quarterly Sales of $438.75 Million

Wall Street brokerages forecast that SPX Corp (NYSE:SPXC) will post sales of $438.75 million for the current quarter, Zacks reports. Two analysts have provided estimates for SPX’s earnings, with the lowest sales estimate coming in at $436.00 million and the highest estimate coming in at $441.50 million. SPX reported sales of $445.00 million during the same quarter last year, which indicates a negative year over year growth rate of 1.4%. The firm is scheduled to report its next earnings results on Thursday, February 13th.

According to Zacks, analysts expect that SPX will report full year sales of $1.52 billion for the current financial year. For the next financial year, analysts expect that the firm will report sales of $1.58 billion, with estimates ranging from $1.56 billion to $1.59 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for SPX.

SPX (NYSE:SPXC) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. SPX had a net margin of 5.18% and a return on equity of 27.82%. The business had revenue of $364.80 million for the quarter, compared to analysts’ expectations of $353.48 million. During the same period last year, the business earned $0.37 EPS. The company’s revenue was up .6% compared to the same quarter last year.

A number of analysts have recently weighed in on SPXC shares. Sidoti started coverage on shares of SPX in a report on Friday, October 18th. They issued a “buy” rating and a $52.00 price target on the stock. ValuEngine cut shares of SPX from a “hold” rating to a “sell” rating in a report on Friday, January 10th. Buckingham Research raised their price target on shares of SPX from $50.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, December 19th. They noted that the move was a valuation call. Vertical Research cut shares of SPX from a “buy” rating to a “hold” rating in a report on Wednesday, January 8th. Finally, UBS Group cut shares of SPX from a “buy” rating to a “neutral” rating and raised their price target for the company from $50.00 to $56.00 in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $53.60.

In related news, insider Brian G. Mason sold 25,000 shares of SPX stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $50.94, for a total value of $1,273,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.21% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its stake in SPX by 14.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 283,388 shares of the company’s stock valued at $9,358,000 after acquiring an additional 36,706 shares during the period. SG Americas Securities LLC acquired a new stake in SPX during the 3rd quarter valued at approximately $123,000. Barclays PLC lifted its stake in SPX by 15.6% during the 3rd quarter. Barclays PLC now owns 63,746 shares of the company’s stock valued at $2,551,000 after acquiring an additional 8,601 shares during the period. Squarepoint Ops LLC lifted its stake in SPX by 46.6% during the 3rd quarter. Squarepoint Ops LLC now owns 65,878 shares of the company’s stock valued at $2,636,000 after acquiring an additional 20,954 shares during the period. Finally, Voloridge Investment Management LLC acquired a new stake in SPX during the 3rd quarter valued at approximately $285,000. Institutional investors own 88.27% of the company’s stock.

Shares of NYSE:SPXC traded down $1.08 during trading on Tuesday, reaching $50.87. The stock had a trading volume of 199,443 shares, compared to its average volume of 271,525. SPX has a one year low of $28.72 and a one year high of $53.74. The company has a market capitalization of $2.29 billion, a P/E ratio of 28.74 and a beta of 1.44. The company has a current ratio of 1.21, a quick ratio of 0.87 and a debt-to-equity ratio of 0.70. The firm’s 50-day simple moving average is $51.07 and its 200 day simple moving average is $42.87.

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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