The SPX Co. (SPXC) Rating Lowered to Hold at Zacks Investment Research

The SPX Co. (SPXC) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of SPX Co. (NASDAQ:SPXC) from a buy rating to a hold rating in a report published on Wednesday morning.

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 shares of SPX to a buy rating in a report on Saturday, July 9th.

SPX (NASDAQ:SPXC) opened at 19.67 on Wednesday. The stock’s market cap is $821.36 million. The firm has a 50-day moving average of $19.81 and a 200-day moving average of $17.05. SPX has a 1-year low of $7.62 and a 1-year high of $20.55.

SPX (NASDAQ:SPXC) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.07. The company had revenue of $412.90 million for the quarter, compared to analysts’ expectations of $413.55 million. The business’s revenue was down 10.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.96 EPS. Analysts expect that SPX will post $1.19 EPS for the current fiscal year.

In other news, insider Michael Andrew Reilly sold 2,258 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $19.19, for a total value of $43,331.02. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Institutional investors have recently modified their holdings of the company. Arizona State Retirement System boosted its position in shares of SPX by 0.5% in the second quarter. Arizona State Retirement System now owns 21,600 shares of the company’s stock valued at $321,000 after buying an additional 100 shares during the period. Nisa Investment Advisors LLC boosted its stake in SPX by 13.3% in the third quarter. Nisa Investment Advisors LLC now owns 8,500 shares of the company’s stock worth $171,000 after buying an additional 1,000 shares during the last quarter. Legal & General Group Plc boosted its stake in SPX by 152.8% in the second quarter. Legal & General Group Plc now owns 7,454 shares of the company’s stock worth $108,000 after buying an additional 4,505 shares during the last quarter. Guggenheim Capital LLC boosted its stake in SPX by 3.3% in the second quarter. Guggenheim Capital LLC now owns 219,253 shares of the company’s stock worth $3,256,000 after buying an additional 7,010 shares during the last quarter. Finally, Mason Street Advisors LLC purchased a new stake in SPX during the second quarter worth approximately $121,000.

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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