SPX (SPXC) Rating Lowered to Sell at Zacks Investment Research

SPX (NYSE:SPXC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Saturday, February 17th.

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. “

Several other research firms also recently weighed in on SPXC. ValuEngine raised SPX from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Susquehanna Bancshares set a $32.00 target price on SPX and gave the company a “hold” rating in a research report on Friday, February 16th. TheStreet upgraded SPX from a “c” rating to a “b-” rating in a report on Thursday, February 15th. Finally, UBS Group started coverage on SPX in a report on Tuesday, January 23rd. They set a “buy” rating and a $41.00 price objective for the company. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. SPX presently has an average rating of “Buy” and a consensus price target of $36.00.

SPX (NYSE:SPXC) traded down $0.16 during midday trading on Friday, reaching $31.50. The company had a trading volume of 199,740 shares, compared to its average volume of 245,371. The company has a market cap of $1,349.37, a P/E ratio of 15.59 and a beta of 1.57. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.37 and a quick ratio of 1.06. SPX has a 52 week low of $21.97 and a 52 week high of $33.93.

SPX (NYSE:SPXC) last issued its earnings results on Thursday, February 15th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the 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 business had revenue of $387.00 million for the quarter, compared to the consensus estimate of $396.35 million. During the same period last year, the business posted $0.69 EPS. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. equities research analysts anticipate that SPX will post 2.1 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Elkfork Partners LLC purchased a new stake in shares of SPX during the 4th quarter worth $159,000. Quantitative Systematic Strategies LLC acquired a new position in SPX during the 3rd quarter valued at about $202,000. OxFORD Asset Management LLP acquired a new position in SPX during the 3rd quarter valued at about $202,000. Milestone Group Inc. acquired a new position in SPX during the 3rd quarter valued at about $206,000. Finally, IFC Holdings Incorporated FL acquired a new position in SPX during the 4th quarter valued at about $207,000. Hedge funds and other institutional investors own 87.34% 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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