SPX Co. (SPXC) Stock Rating Upgraded by Zacks Investment Research
SPX Co. (NASDAQ:SPXC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The brokerage currently has a $23.00 price target on the stock. Zacks Investment Research’s target price indicates a potential upside of 14.20% from the company’s current price.
According to Zacks, “SPX Corporation is a provider of technical products and systems, industrial products and services, service solutions and vehicle components. These products are primarily sold to customers throughout North America and Europe. As a global multi-industry company, SPX is focused on profitably growing businesses that have scale and growth potential. These businesses are grouped into four different segments: Technical Products and Systems, Industrial Products and Services, Flow Technology and Service Solutions. “
Separately, Credit Suisse Group AG raised SPX to a “buy” rating in a research report on Saturday, July 9th.
SPX (NASDAQ:SPXC) opened at 20.14 on Friday. SPX has a 1-year low of $7.62 and a 1-year high of $20.55. The company’s 50-day moving average is $19.35 and its 200 day moving average is $16.55. The firm’s market capitalization is $840.99 million.
SPX (NASDAQ:SPXC) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.07. The business earned $412.90 million during the quarter, compared to analyst estimates of $413.55 million. During the same period last year, the firm posted $0.96 earnings per share. SPX’s quarterly revenue was down 10.1% compared to the same quarter last year. On average, equities analysts expect that SPX will post $1.19 EPS for the current fiscal year.
In other news, insider Michael Andrew Reilly sold 2,258 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $19.19, for a total transaction of $43,331.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Several institutional investors have recently modified their holdings of SPXC. AQR Capital Management LLC raised its position in shares of SPX by 14.5% in the second quarter. AQR Capital Management LLC now owns 1,884,278 shares of the company’s stock worth $27,982,000 after buying an additional 238,858 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of SPX by 212.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 522,559 shares of the company’s stock worth $7,761,000 after buying an additional 355,208 shares during the last quarter. Brant Point Investment Management LLC raised its position in shares of SPX by 369.1% in the second quarter. Brant Point Investment Management LLC now owns 234,559 shares of the company’s stock worth $3,483,000 after buying an additional 184,559 shares during the last quarter. Guggenheim Capital LLC raised its position in shares of SPX by 3.3% in the second quarter. Guggenheim Capital LLC now owns 219,253 shares of the company’s stock worth $3,256,000 after buying an additional 7,010 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its position in shares of SPX by 26.3% in the second quarter. Panagora Asset Management Inc. now owns 205,750 shares of the company’s stock worth $3,055,000 after buying an additional 42,880 shares during the last quarter.
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