Brokers Issue Forecasts for SPX Co.’s FY2022 Earnings (NYSE:SPXC)

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SPX Co. (NYSE:SPXC) – Equities researchers at Oppenheimer raised their FY2022 earnings estimates for SPX in a report issued on Wednesday, April 14th. Oppenheimer analyst B. Blair now forecasts that the company will earn $3.62 per share for the year, up from their previous estimate of $3.58. Oppenheimer currently has a “Buy” rating and a $64.00 target price on the stock.

SPX (NYSE:SPXC) last posted its quarterly earnings results on Monday, February 22nd. The company reported $0.89 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.94 by ($0.05). The company had revenue of $456.80 million for the quarter, compared to analyst estimates of $437.20 million. SPX had a return on equity of 24.19% and a net margin of 6.68%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the company earned $0.96 earnings per share.

Separately, Zacks Investment Research lowered shares of SPX from a “hold” rating to a “sell” rating in a research note on Friday, February 26th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. SPX presently has an average rating of “Buy” and a consensus price target of $56.67.

SPX stock opened at $59.66 on Friday. The company has a market cap of $2.70 billion, a PE ratio of 26.28, a P/E/G ratio of 1.53 and a beta of 1.37. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.15 and a quick ratio of 0.83. SPX has a 12 month low of $31.12 and a 12 month high of $62.13. The company has a fifty day moving average price of $58.55 and a two-hundred day moving average price of $53.87.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN increased its holdings in SPX by 4.3% during the 4th quarter. Wells Fargo & Company MN now owns 1,022,177 shares of the company’s stock worth $55,749,000 after purchasing an additional 41,735 shares during the period. ProShare Advisors LLC grew its holdings in SPX by 70.8% in the 4th quarter. ProShare Advisors LLC now owns 10,384 shares of the company’s stock valued at $566,000 after buying an additional 4,303 shares during the period. Rhumbline Advisers increased its stake in SPX by 4.8% during the fourth quarter. Rhumbline Advisers now owns 128,274 shares of the company’s stock worth $6,996,000 after acquiring an additional 5,919 shares during the last quarter. IndexIQ Advisors LLC lifted its holdings in shares of SPX by 11.5% during the 4th quarter. IndexIQ Advisors LLC now owns 6,417 shares of the company’s stock valued at $350,000 after acquiring an additional 663 shares in the last quarter. Finally, Everence Capital Management Inc. acquired a new position in shares of SPX during the first quarter worth $459,000. 90.54% of the stock is currently owned by institutional investors.

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. The HVAC segment engineers, designs, manufactures, installs, and services cooling products for the HVAC and industrial markets under the Marley and Recold brands; boilers, comfort heating, and ventilation products for the residential and commercial markets under the Berko, Qmark, Fahrenheat, Leading Edge, Patterson-Kelley, Weil-McLain, and Williamson-Thermoflo brand names; and cooling towers.

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Earnings History and Estimates for SPX (NYSE:SPXC)

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