SPX (SPXC) Rating Lowered to Strong Sell at Zacks Investment Research

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SPX (NYSE:SPXC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday.

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 also recently weighed in on the stock. Buckingham Research started coverage on shares of SPX in a research note on Tuesday, September 18th. They issued a “buy” rating and a $41.00 target price for the company. ValuEngine downgraded shares of SPX from a “buy” rating to a “hold” rating in a research note on Wednesday, August 15th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $37.75.

Shares of SPXC stock opened at $29.37 on Thursday. The firm has a market capitalization of $1.28 billion, a PE ratio of 15.15 and a beta of 1.48. The company has a quick ratio of 0.91, a current ratio of 1.18 and a debt-to-equity ratio of 0.92. SPX has a twelve month low of $28.21 and a twelve month high of $39.28.

SPX (NYSE:SPXC) last announced its earnings results on Thursday, November 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.09). The firm had revenue of $362.50 million during the quarter, compared to analysts’ expectations of $348.90 million. SPX had a net margin of 6.79% and a return on equity of 25.23%. SPX’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.36 earnings per share. On average, research analysts predict that SPX will post 2.15 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SPXC. Squar Milner Financial Services LLC bought a new position in SPX during the 2nd quarter valued at $134,000. Evanson Asset Management LLC bought a new position in SPX during the 2nd quarter valued at $205,000. Aristotle Atlantic Partners LLC bought a new position in SPX during the 2nd quarter valued at $211,000. Crossmark Global Holdings Inc. bought a new position in SPX during the 2nd quarter valued at $213,000. Finally, Amalgamated Bank bought a new position in SPX during the 2nd quarter valued at $241,000. Hedge funds and other institutional investors own 86.55% of the company’s stock.

SPX Company Profile

SPX Corporation 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.

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