SPX Co. (SPXC) Lowered to “Hold” at Zacks Investment Research
SPX Co. (NASDAQ:SPXC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
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 shares of SPX to a “buy” rating in a research report on Saturday, July 9th.
SPX (NASDAQ:SPXC) opened at 20.22 on Wednesday. The firm’s market cap is $844.33 million. SPX has a 12 month low of $7.62 and a 12 month high of $20.55. The firm has a 50 day moving average of $19.71 and a 200-day moving average of $16.90.
SPX (NASDAQ:SPXC) last posted its earnings results on Thursday, August 4th. The company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.07. The company earned $412.90 million during the quarter, compared to analysts’ expectations of $413.55 million. The company’s quarterly revenue was down 10.1% on a year-over-year basis. During the same period last year, the business earned $0.96 earnings per share. On average, equities research analysts forecast that SPX will post $1.19 earnings per share for the current year.
In other SPX news, insider Michael Andrew Reilly sold 2,258 shares of the firm’s stock in a transaction on Monday, August 29th. The shares were 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 is available through this hyperlink.
Hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc increased its position in shares of SPX by 152.8% in the second quarter. Legal & General Group Plc now owns 7,454 shares of the company’s stock valued at $108,000 after buying an additional 4,505 shares during the last quarter. Mason Street Advisors LLC acquired a new position in shares of SPX during the second quarter valued at about $121,000. Cubist Systematic Strategies LLC acquired a new position in shares of SPX during the second quarter valued at about $225,000. KCG Holdings Inc. acquired a new position in shares of SPX during the second quarter valued at about $237,000. Finally, Public Employees Retirement System of Ohio increased its position in shares of SPX by 91.9% in the second quarter. Public Employees Retirement System of Ohio now owns 19,587 shares of the company’s stock valued at $291,000 after buying an additional 9,381 shares during the last quarter.
SPX Company Profile
SPX Corporation is a diversified, global supplier of infrastructure equipment. The Company operates through three segments: heating, ventilation and air conditioning (HVAC); Detection and Measurement, and Power. The HVAC solutions offered by its businesses include package cooling towers, residential and commercial boilers, heating and ventilation products.
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