SPX (SPXC) Lowered to “Strong Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of SPX (NYSE:SPXC) from a hold rating to a strong sell rating in a research report sent to investors on Friday, January 5th.

According to Zacks, “SPX Corporation is a global supplier of infrastructure equipment. The company, SPX supplies infrastructure equipment serving the heating and ventilation (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 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. Its detection and measurement product lines encompass underground pipe and cable locators, and inspection equipment. Within its power platform, it is a manufacturer of medium and large power transformers, as well as equipment for various types of power plant, including cooling equipment, heat exchangers and pollution control systems. SPX Corporation is headquartered in Charlotte, North Carolina. “

Other equities analysts also recently issued research reports about the stock. UBS Group raised their target price on shares of SPX from $36.00 to $39.00 and gave the company a buy rating in a research note on Friday, November 3rd. BidaskClub raised shares of SPX from a hold rating to a buy rating in a research report on Wednesday, September 20th. ValuEngine downgraded shares of SPX from a strong-buy rating to a buy rating in a research report on Tuesday, November 14th. Finally, TheStreet raised shares of SPX from a d+ rating to a c rating in a research report on Monday, November 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. SPX has a consensus rating of Buy and a consensus target price of $37.00.

Shares of SPX (SPXC) opened at $32.93 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 1.15. The stock has a market cap of $1,403.12, a PE ratio of -24.21 and a beta of 1.72. SPX has a 1 year low of $21.97 and a 1 year high of $33.18.

SPX (NYSE:SPXC) last posted its earnings results on Thursday, November 2nd. The company reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 during the quarter, compared to analyst estimates of $343.12 million. During the same period in the prior year, the business posted $0.14 earnings per share. SPX’s revenue for the quarter was up 1.0% on a year-over-year basis. equities research analysts anticipate that SPX will post 1.8 EPS for the current 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 transaction of $117,251.47. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.55% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its stake in shares of SPX by 6.6% during the 2nd quarter. Royal Bank of Canada now owns 8,857 shares of the company’s stock valued at $223,000 after buying an additional 549 shares in the last quarter. Flinton Capital Management LLC increased its holdings in 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 last quarter. Riverhead Capital Management LLC increased its holdings 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 acquiring an additional 1,264 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in SPX by 4.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,098 shares of the company’s stock valued at $833,000 after acquiring an additional 1,517 shares during the last quarter. Finally, American International Group Inc. increased its holdings in SPX by 5.8% in the 3rd quarter. American International Group Inc. now owns 33,705 shares of the company’s stock valued at $989,000 after acquiring an additional 1,835 shares during the last quarter. Institutional investors own 86.85% of the company’s stock.

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About SPX

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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