Zacks Investment Research upgraded shares of SPX (NYSE:SPXC) from a sell rating to a hold rating in a report released on Tuesday morning.
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 reports about the stock. UBS Group began coverage on shares of SPX in a report on Tuesday, January 23rd. They issued a buy rating and a $41.00 price target on the stock. ValuEngine downgraded shares of SPX from a buy rating to a hold rating in a report on Friday, December 1st. TheStreet upgraded shares of SPX from a c rating to a b- rating in a report on Thursday, February 15th. Finally, Susquehanna Bancshares set a $32.00 price target on shares of SPX and gave the company a hold rating in a report on Friday, February 16th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $36.00.
SPX (NYSE:SPXC) last announced its quarterly earnings data on Thursday, February 15th. The company reported $0.60 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.01). The firm had revenue of $387.00 million for the quarter, compared to the consensus estimate of $396.35 million. SPX had a net margin of 6.26% and a return on equity of 31.70%. The firm’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 earnings per share. analysts anticipate that SPX will post 2.1 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in SPXC. Royal Bank of Canada increased its holdings in shares of SPX by 6.6% in the 2nd quarter. Royal Bank of Canada now owns 8,857 shares of the company’s stock worth $223,000 after buying an additional 549 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of SPX by 4.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,098 shares of the company’s stock worth $833,000 after buying an additional 1,517 shares during the last quarter. Nationwide Fund Advisors increased its holdings in shares of SPX by 7.3% in the 3rd quarter. Nationwide Fund Advisors now owns 76,155 shares of the company’s stock worth $2,234,000 after buying an additional 5,175 shares during the last quarter. Crossmark Global Holdings Inc. bought a new stake in shares of SPX in the 3rd quarter worth about $232,000. Finally, Chicago Equity Partners LLC increased its holdings in shares of SPX by 50.1% in the 3rd quarter. Chicago Equity Partners LLC now owns 47,705 shares of the company’s stock worth $1,400,000 after buying an additional 15,930 shares during the last quarter. Institutional investors own 87.34% of the company’s stock.
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SPX Company Profile
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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