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 target price on SPX from $40.00 to $48.00 and gave the stock a buy rating in a research report on Friday, September 20th.
SPX (NYSE:SPXC) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.15. The company had revenue of $372.40 million during 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%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.53 earnings per share. On average, sell-side analysts predict that SPX will post 2.7 EPS for the current year.
Institutional investors have recently bought and sold shares of the stock. Swiss National Bank grew its position in SPX by 2.4% during the second quarter. Swiss National Bank now owns 80,918 shares of the company’s stock worth $2,672,000 after buying an additional 1,900 shares in the last quarter. Bank of Montreal Can grew its position in SPX by 2,038.6% during the second quarter. Bank of Montreal Can now owns 43,905 shares of the company’s stock worth $1,450,000 after buying an additional 41,852 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position 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 buying an additional 36,706 shares in the last quarter. Atria Investments LLC purchased a new position in SPX during the second quarter worth about $5,243,000. Finally, Bessemer Group Inc. purchased a new position in SPX during the second quarter worth about $380,000. Institutional investors and hedge funds own 87.25% of the company’s stock.
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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