SPX Corp (SPXC) Lifted to “Hold” at BidaskClub
BidaskClub upgraded shares of SPX Corp (NASDAQ:SPXC) from a sell rating to a hold rating in a report published on Tuesday morning.
Separately, Zacks Investment Research upgraded shares of SPX Corp from a hold rating to a buy rating and set a $30.00 price objective on the stock in a report on Tuesday, August 8th.
Shares of SPX Corp (NASDAQ SPXC) traded down 0.08% during midday trading on Tuesday, reaching $26.08. 118,425 shares of the company’s stock traded hands. The firm’s market cap is $1.11 billion. The company has a 50 day moving average of $25.53 and a 200 day moving average of $25.30. SPX Corp has a 52-week low of $15.49 and a 52-week high of $29.25.
SPX Corp (NASDAQ:SPXC) last released 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 the consensus estimate of $354.84 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. The business’s revenue was down 5.8% on a year-over-year basis. On average, equities analysts predict that SPX Corp will post $1.75 EPS for the current fiscal year.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in SPX Corp by 54,864.3% during the first quarter. BlackRock Inc. now owns 5,510,723 shares of the company’s stock worth $133,635,000 after buying an additional 5,500,697 shares during the last quarter. Vanguard Group Inc. raised its holdings in SPX Corp by 12.1% during the second quarter. Vanguard Group Inc. now owns 4,231,505 shares of the company’s stock worth $106,465,000 after buying an additional 455,828 shares during the last quarter. ACR Alpine Capital Research LLC raised its holdings in SPX Corp by 1.3% during the first quarter. ACR Alpine Capital Research LLC now owns 2,657,668 shares of the company’s stock worth $64,448,000 after buying an additional 33,981 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in SPX Corp during the first quarter worth $25,177,000. Finally, State Street Corp raised its holdings in SPX Corp by 6.0% during the first quarter. State Street Corp now owns 1,019,770 shares of the company’s stock worth $24,727,000 after buying an additional 57,579 shares during the last quarter.
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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