SPX Co. (SPXC) Upgraded at Zacks Investment Research
SPX Co. (NASDAQ:SPXC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The firm currently has a $23.00 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 14.20% from the stock’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 upgraded SPX to a “buy” rating in a research note on Saturday, July 9th.
SPX (NASDAQ:SPXC) opened at 20.14 on Friday. SPX has a one year low of $7.62 and a one year high of $20.55. The stock’s market cap is $840.99 million. The stock’s 50 day moving average price is $19.35 and its 200 day moving average price is $16.55.
SPX (NASDAQ:SPXC) last announced its earnings results on Thursday, August 4th. The company reported $0.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.07. The business had revenue of $412.90 million for the quarter, compared to analysts’ expectations of $413.55 million. During the same quarter last year, the firm earned $0.96 earnings per share. The firm’s quarterly revenue was down 10.1% compared to the same quarter last year. Equities analysts predict that SPX will post $1.19 earnings per share for the current fiscal year.
In related news, insider Michael Andrew Reilly sold 2,258 shares of the business’s stock in a transaction 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 filing with the SEC, which can be accessed through the SEC website.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Metropolitan Life Insurance Co. NY increased its stake in SPX by 2,473.0% in the second quarter. Metropolitan Life Insurance Co. NY now owns 30,773 shares of the company’s stock valued at $457,000 after buying an additional 29,577 shares during the last quarter. Arizona State Retirement System increased its stake in SPX by 0.5% in the second quarter. Arizona State Retirement System now owns 21,600 shares of the company’s stock valued at $321,000 after buying an additional 100 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in SPX during the second quarter valued at $225,000. AQR Capital Management LLC increased its stake in SPX by 14.5% in the second quarter. AQR Capital Management LLC now owns 1,884,278 shares of the company’s stock valued at $27,982,000 after buying an additional 238,858 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new stake in SPX during the second quarter valued at $430,000.
Receive News & Stock Ratings for SPX Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SPX Co. and related stocks with our FREE daily email newsletter.