SPX (NYSE:SPXC) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of SPX (NYSE:SPXC) from a hold rating to a buy rating in a research report released on Tuesday, Zacks.com reports. The firm currently has $52.00 price objective on the stock.
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 equities research analysts have also weighed in on SPXC. Buckingham Research increased their target price on shares of SPX from $40.00 to $48.00 and gave the stock a buy rating in a report on Friday, September 20th. Seaport Global Securities initiated coverage on shares of SPX in a report on Tuesday, October 22nd. They issued a buy rating and a $50.00 target price on the stock. Finally, Sidoti initiated coverage on shares of SPX in a report on Friday, October 18th. They issued a buy rating and a $52.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $50.50.
SPX (NYSE:SPXC) last posted its earnings results on Wednesday, October 30th. The company reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.08. The company had revenue of $364.80 million for the quarter, compared to analyst estimates of $353.48 million. SPX had a net margin of 5.18% and a return on equity of 27.82%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the business posted $0.37 earnings per share. On average, analysts predict that SPX will post 2.71 earnings per share for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Atria Investments LLC acquired a new stake in shares of SPX during the second quarter worth $5,243,000. Wells Fargo & Company MN raised its holdings in shares of SPX by 81.4% during the second quarter. Wells Fargo & Company MN now owns 1,101,092 shares of the company’s stock worth $36,359,000 after acquiring an additional 493,932 shares during the period. Nuveen Asset Management LLC acquired a new stake in shares of SPX during the second quarter worth $13,402,000. Eagle Asset Management Inc. raised its holdings in shares of SPX by 590.8% during the third quarter. Eagle Asset Management Inc. now owns 375,195 shares of the company’s stock worth $15,011,000 after acquiring an additional 320,883 shares during the period. Finally, Mesirow Financial Investment Management Equity Management raised its holdings in shares of SPX by 23,528.4% during the second quarter. Mesirow Financial Investment Management Equity Management now owns 207,930 shares of the company’s stock worth $6,866,000 after acquiring an additional 207,050 shares during the period. Institutional investors own 86.94% of the company’s stock.
SPX Corporation supplies infrastructure equipment serving the heating, ventilation and cooling (HVAC), detection and measurement, power transmission and generation, and industrial markets in the United States, China, South Africa, the United Kingdom, and internationally. It operates in three segments: HVAC, Detection and Measurement, and Engineered Solutions.
Featured Article: What are some reasons analysts would give stocks a buy rating?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for SPX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SPX and related companies with MarketBeat.com's FREE daily email newsletter.