ValuEngine Downgrades SPX (NYSE:SPXC) to Buy

SPX (NYSE:SPXC) was downgraded by stock analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday, November 14th.

SPXC has been the topic of a number of other research reports. Zacks Investment Research cut shares of SPX from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. BidaskClub raised shares of SPX from a “hold” rating to a “buy” rating in a report on Wednesday, September 20th. TheStreet raised shares of SPX from a “d+” rating to a “c” rating in a report on Monday, November 6th. Finally, UBS raised their price objective on shares of SPX from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. SPX currently has a consensus rating of “Buy” and an average target price of $37.00.

Shares of SPX (NYSE SPXC) traded down $0.32 during trading hours on Tuesday, reaching $31.57. 149,566 shares of the company traded hands, compared to its average volume of 178,088. The firm has a market capitalization of $1,345.17, a PE ratio of 16.88 and a beta of 1.72. SPX has a 52-week low of $21.97 and a 52-week high of $32.71. The company has a current ratio of 1.15, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22.

SPX (NYSE:SPXC) last released its quarterly earnings data on Thursday, November 2nd. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.08. SPX had a negative net margin of 3.86% and a positive return on equity of 37.49%. The company had revenue of $348.50 million for the quarter, compared to analysts’ expectations of $343.12 million. During the same quarter last year, the company earned $0.14 earnings per share. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. research analysts predict that SPX will post 1.8 EPS for the current fiscal year.

In other news, CAO Michael Andrew Reilly sold 3,833 shares of SPX stock in a transaction on Friday, November 10th. The shares were sold at an average price of $30.59, for a total value of $117,251.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.55% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Flinton Capital Management LLC increased its holdings in shares of SPX by 40.7% in the 2nd quarter. Flinton Capital Management LLC now owns 4,114 shares of the company’s stock valued at $103,000 after acquiring an additional 1,190 shares during the period. Riverhead Capital Management LLC grew its position in SPX by 43.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,164 shares of the company’s stock valued at $105,000 after buying an additional 1,264 shares during the last quarter. Capital Fund Management S.A. purchased a new position in SPX in the 2nd quarter valued at $201,000. Suntrust Banks Inc. purchased a new position in SPX in the 2nd quarter valued at $202,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in SPX in the 3rd quarter valued at $202,000. 87.41% of the stock is currently owned by institutional investors and hedge funds.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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