Zacks Investment Research Lowers SPX (NYSE:SPXC) to Hold

SPX (NYSE:SPXCGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

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 research analysts have also recently issued reports on SPXC. TheStreet cut shares of SPX from a “b-” rating to a “c” rating in a report on Monday, March 21st. StockNews.com lowered shares of SPX from a “buy” rating to a “hold” rating in a research report on Friday, May 13th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $62.00.

NYSE:SPXC opened at $47.05 on Friday. SPX has a 52 week low of $41.66 and a 52 week high of $68.24. The firm has a 50 day moving average of $46.85 and a 200 day moving average of $53.22. The company has a quick ratio of 1.51, a current ratio of 2.07 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 5.34, a PEG ratio of 0.93 and a beta of 1.37.

SPX (NYSE:SPXCGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. The business had revenue of $307.10 million during the quarter, compared to analysts’ expectations of $302.90 million. SPX had a net margin of 33.11% and a return on equity of 10.15%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company posted $0.68 earnings per share. As a group, analysts expect that SPX will post 2.77 EPS for the current year.

Several hedge funds have recently made changes to their positions in SPXC. Dimensional Fund Advisors LP grew its holdings in SPX by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,123,259 shares of the company’s stock worth $60,041,000 after acquiring an additional 3,878 shares in the last quarter. Yousif Capital Management LLC acquired a new position in shares of SPX in the 4th quarter valued at $2,469,000. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of SPX by 6.9% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 42,896 shares of the company’s stock valued at $2,560,000 after buying an additional 2,786 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of SPX by 10.7% in the 3rd quarter. HighTower Advisors LLC now owns 4,077 shares of the company’s stock valued at $218,000 after buying an additional 395 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of SPX by 14.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 255,440 shares of the company’s stock valued at $15,245,000 after buying an additional 33,166 shares in the last quarter. Hedge funds and other institutional investors own 91.47% of the company’s stock.

About SPX (Get Rating)

SPX Corporation supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, China, the United Kingdom, and internationally. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services cooling products and engineered air quality solutions for the HVAC, and industrial markets; and heating and ventilation products for the residential and commercial markets.

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