SPX (SPXC) Cut to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of SPX (NYSE:SPXC) from a hold rating to a sell rating in a research report report published on Saturday morning.
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. “
A number of other research analysts also recently issued reports on SPXC. UBS Group boosted their price target on SPX from $36.00 to $39.00 and gave the company a buy rating in a report on Friday, November 3rd. TheStreet raised SPX from a d+ rating to a c rating in a report on Monday, November 6th. ValuEngine downgraded SPX from a strong-buy rating to a buy rating in a report on Tuesday, November 14th. Finally, Susquehanna Bancshares set a $32.00 price target on SPX and gave the company a hold rating in a report on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $36.00.
SPX (NYSE:SPXC) last announced its quarterly earnings results on Thursday, February 15th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.01). SPX had a net margin of 6.26% and a return on equity of 31.70%. The company had revenue of $387.00 million during the quarter, compared to analyst estimates of $396.35 million. During the same period in the previous year, the firm posted $0.69 earnings per share. The company’s revenue was down 2.1% compared to the same quarter last year. equities research analysts predict that SPX will post 2.1 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in SPXC. Quantitative Systematic Strategies LLC acquired a new position in shares of SPX during the 3rd quarter worth approximately $202,000. OxFORD Asset Management LLP acquired a new position in shares of SPX during the 3rd quarter worth approximately $202,000. Milestone Group Inc. acquired a new position in shares of SPX during the 3rd quarter worth approximately $206,000. IFC Holdings Incorporated FL acquired a new position in shares of SPX during the 4th quarter worth approximately $207,000. Finally, Globeflex Capital L P acquired a new position in shares of SPX during the 4th quarter worth approximately $222,000. 86.15% of the stock is 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.
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