SPX Co. (SPXC) Downgraded by Zacks Investment Research to Hold
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 report on Saturday, July 9th.
Shares of SPX (NASDAQ:SPXC) traded down 2.11% during trading on Wednesday, reaching $19.96. The company’s stock had a trading volume of 36,038 shares. The company has a 50 day moving average of $19.75 and a 200 day moving average of $16.92. The company’s market cap is $833.47 million. SPX has a 12-month low of $7.62 and a 12-month high of $20.55.
SPX (NASDAQ:SPXC) last posted its earnings results on Thursday, August 4th. The company reported $0.26 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.07. The business earned $412.90 million during the quarter, compared to the consensus estimate of $413.55 million. The firm’s revenue for the quarter was down 10.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 EPS. On average, analysts anticipate that SPX will post $1.19 EPS for the current fiscal year.
In related news, insider Michael Andrew Reilly sold 2,258 shares of SPX stock in a transaction on Monday, August 29th. The stock was sold at an average price of $19.19, for a total value of $43,331.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc increased its position in 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 period. Mason Street Advisors LLC bought a new position in SPX during the second quarter valued at $121,000. Nisa Investment Advisors LLC increased its position in SPX by 13.3% in the third quarter. Nisa Investment Advisors LLC now owns 8,500 shares of the company’s stock valued at $171,000 after buying an additional 1,000 shares during the period. Cubist Systematic Strategies LLC bought a new position in SPX during the second quarter valued at $225,000. Finally, KCG Holdings Inc. bought a new position in SPX during the second quarter valued at $237,000.
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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