SPX (NYSE:SPXC) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of SPX (NYSE:SPXC) from a buy rating to a hold rating in a research note issued to investors on Saturday morning, 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. “

SPXC has been the subject of a number of other reports. Sidoti began coverage on SPX in a research report on Tuesday, April 20th. They set a buy rating for the company. Oppenheimer reaffirmed a buy rating and set a $68.00 price target on shares of SPX in a research report on Tuesday, April 20th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $61.33.

SPXC stock opened at $61.03 on Friday. SPX has a twelve month low of $31.12 and a twelve month high of $62.55. The company has a quick ratio of 0.83, a current ratio of 1.15 and a debt-to-equity ratio of 0.60. The stock’s 50 day moving average is $59.93 and its 200-day moving average is $54.96. The firm has a market capitalization of $2.77 billion, a PE ratio of 26.89, a P/E/G ratio of 1.53 and a beta of 1.37.

SPX (NYSE:SPXC) last posted its earnings results on Monday, February 22nd. The company reported $0.89 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.94 by ($0.05). The company had revenue of $456.80 million during the quarter, compared to the consensus estimate of $437.20 million. SPX had a net margin of 6.68% and a return on equity of 24.19%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.96 EPS. On average, equities research analysts anticipate that SPX will post 2.85 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its position in SPX by 4.3% in the fourth quarter. Wells Fargo & Company MN now owns 1,022,177 shares of the company’s stock worth $55,749,000 after buying an additional 41,735 shares during the last quarter. ProShare Advisors LLC grew its position in shares of SPX by 70.8% in the fourth quarter. ProShare Advisors LLC now owns 10,384 shares of the company’s stock valued at $566,000 after purchasing an additional 4,303 shares in the last quarter. Rhumbline Advisers grew its position in shares of SPX by 4.8% in the fourth quarter. Rhumbline Advisers now owns 128,274 shares of the company’s stock valued at $6,996,000 after purchasing an additional 5,919 shares in the last quarter. IndexIQ Advisors LLC grew its position in shares of SPX by 11.5% in the fourth quarter. IndexIQ Advisors LLC now owns 6,417 shares of the company’s stock valued at $350,000 after purchasing an additional 663 shares in the last quarter. Finally, Everence Capital Management Inc. purchased a new position in shares of SPX in the first quarter valued at $459,000. 90.54% of the stock is owned by institutional investors and hedge funds.

About SPX

SPX Corporation supplies infrastructure equipment serving the heating, ventilation and cooling (HVAC), detection and measurement, power transmission and generation, and industrial markets in the United States, China, South Africa, the United Kingdom, and internationally. The HVAC segment engineers, designs, manufactures, installs, and services cooling products for the HVAC and industrial markets under the Marley and Recold brands; boilers, comfort heating, and ventilation products for the residential and commercial markets under the Berko, Qmark, Fahrenheat, Leading Edge, Patterson-Kelley, Weil-McLain, and Williamson-Thermoflo brand names; and cooling towers.

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