Zacks Investment Research upgraded shares of SPX Co. (NASDAQ:SPXC) from a hold rating to a buy rating in a research report released on Saturday morning. The brokerage currently has $23.00 price target on the stock.
According to Zacks, “SPX Corporation is a provider of technical products and systems, industrial products and services, service solutions and vehicle components. These products are primarily sold to customers throughout North America and Europe. As a global multi-industry company, SPX is focused on profitably growing businesses that have scale and growth potential. These businesses are grouped into four different segments: Technical Products and Systems, Industrial Products and Services, Flow Technology and Service Solutions. “
Separately, Credit Suisse Group AG raised SPX to a buy rating in a report on Saturday, July 9th.
Shares of SPX (NASDAQ:SPXC) opened at 20.14 on Friday. The firm’s market cap is $840.99 million. SPX has a 52-week low of $7.62 and a 52-week high of $20.55. The stock has a 50 day moving average of $19.35 and a 200 day moving average of $16.55.
SPX (NASDAQ:SPXC) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.07. The firm had revenue of $412.90 million for the quarter, compared to the consensus estimate of $413.55 million. The business’s revenue for the quarter was down 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 earnings per share. Equities analysts predict that SPX will post $1.19 EPS for the current fiscal year.
In other SPX news, insider Michael Andrew Reilly sold 2,258 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $19.19, for a total transaction of $43,331.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Several hedge funds have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. boosted its stake in shares of SPX by 212.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 522,559 shares of the company’s stock worth $7,761,000 after buying an additional 355,208 shares during the period. AQR Capital Management LLC boosted its stake in shares of SPX by 14.5% in the second quarter. AQR Capital Management LLC now owns 1,884,278 shares of the company’s stock worth $27,982,000 after buying an additional 238,858 shares during the period. Brant Point Investment Management LLC boosted its stake in shares of SPX by 369.1% in the second quarter. Brant Point Investment Management LLC now owns 234,559 shares of the company’s stock worth $3,483,000 after buying an additional 184,559 shares during the period. Adage Capital Partners GP L.L.C. bought a new stake in shares of SPX during the second quarter worth approximately $1,626,000. Finally, Citadel Advisors LLC boosted its stake in shares of SPX by 160.8% in the second quarter. Citadel Advisors LLC now owns 130,232 shares of the company’s stock worth $1,934,000 after buying an additional 80,288 shares during the period.
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