SPX Corp (SPXC) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of SPX Corp (NASDAQ:SPXC) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “SPX Corporation is a global supplier of infrastructure equipment. The company, SPX supplies infrastructure equipment serving the heating and ventilation (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 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. Its detection and measurement product lines encompass underground pipe and cable locators, and inspection equipment. Within its power platform, it is a manufacturer of medium and large power transformers, as well as equipment for various types of power plant, including cooling equipment, heat exchangers and pollution control systems. SPX Corporation is headquartered in Charlotte, North Carolina. “
Separately, BidaskClub upgraded shares of SPX Corp from a hold rating to a buy rating in a research note on Wednesday, September 20th.
SPX Corp (NASDAQ:SPXC) traded down 0.85% during trading on Wednesday, hitting $29.03. 233,578 shares of the stock traded hands. The company’s market cap is $1.23 billion. SPX Corp has a 52-week low of $15.49 and a 52-week high of $29.55. The firm has a 50-day moving average price of $25.74 and a 200 day moving average price of $25.30.
SPX Corp (NASDAQ:SPXC) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.09. SPX Corp had a negative net margin of 2.37% and a negative return on equity of 15.86%. The firm had revenue of $349.70 million for the quarter, compared to analysts’ expectations of $354.84 million. During the same quarter in the prior year, the business earned $0.33 EPS. The business’s quarterly revenue was down 5.8% on a year-over-year basis. On average, equities analysts expect that SPX Corp will post $1.75 EPS for the current year.
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Several large investors have recently modified their holdings of SPXC. BlackRock Inc. lifted its stake in shares of SPX Corp by 54,864.3% in the 1st quarter. BlackRock Inc. now owns 5,510,723 shares of the company’s stock worth $133,635,000 after purchasing an additional 5,500,697 shares during the period. Oppenheimer Asset Management Inc. bought a new position in shares of SPX Corp in the 1st quarter worth approximately $25,177,000. Vanguard Group Inc. lifted its stake in shares of SPX Corp by 12.1% in the 2nd quarter. Vanguard Group Inc. now owns 4,231,505 shares of the company’s stock worth $106,465,000 after purchasing an additional 455,828 shares during the period. Evercore Trust Company N.A. bought a new position in shares of SPX Corp in the 2nd quarter worth approximately $8,396,000. Finally, Peregrine Capital Management LLC lifted its stake in shares of SPX Corp by 43.3% in the 2nd quarter. Peregrine Capital Management LLC now owns 670,070 shares of the company’s stock worth $16,859,000 after purchasing an additional 202,481 shares during the period.
About SPX Corp
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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