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

Zacks Investment Research lowered shares of SPX (NYSE:SPXC) from a buy rating to a hold rating in a research report report published on Thursday, 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 boosted their price target on shares of SPX from $40.00 to $48.00 and gave the stock a buy rating in a research note on Friday, September 20th.

Shares of SPXC traded up $0.61 during trading hours on Thursday, reaching $40.91. 8,874 shares of the stock traded hands, compared to its average volume of 304,360. The company has a current ratio of 1.17, a quick ratio of 0.84 and a debt-to-equity ratio of 0.75. SPX has a 52-week low of $25.22 and a 52-week high of $41.78. The company’s 50-day moving average price is $39.36 and its two-hundred day moving average price is $35.44. The company has a market cap of $1.78 billion, a P/E ratio of 18.65 and a beta of 1.39.

SPX (NYSE:SPXC) last released its earnings results on Thursday, August 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 4.21% and a return on equity of 26.81%. SPX’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.53 EPS. On average, research analysts forecast that SPX will post 2.7 EPS for the current year.

Hedge funds have recently made changes to their positions in the business. Raymond James Trust N.A. raised its position in shares of SPX by 7.1% during the 2nd quarter. Raymond James Trust N.A. now owns 6,709 shares of the company’s stock valued at $222,000 after buying an additional 442 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of SPX by 1.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 41,506 shares of the company’s stock valued at $1,371,000 after buying an additional 529 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of SPX by 24.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,708 shares of the company’s stock valued at $108,000 after buying an additional 538 shares in the last quarter. Squar Milner Financial Services LLC raised its position in shares of SPX by 13.2% during the 2nd quarter. Squar Milner Financial Services LLC now owns 5,086 shares of the company’s stock valued at $168,000 after buying an additional 595 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of SPX by 3.6% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 17,406 shares of the company’s stock valued at $575,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 87.32% of the company’s stock.

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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