SPX Corp (NYSE:SPXC) – Equities researchers at Oppenheimer reduced their Q3 2020 earnings per share estimates for shares of SPX in a note issued to investors on Thursday, June 25th. Oppenheimer analyst B. Blair now anticipates that the company will earn $0.48 per share for the quarter, down from their prior forecast of $0.49. Oppenheimer currently has a “Buy” rating and a $44.00 price target on the stock.
A number of other research analysts have also weighed in on the stock. Citigroup initiated coverage on shares of SPX in a research report on Tuesday, March 10th. They set an “outperform” rating and a $52.00 target price for the company. They noted that the move was a valuation call. TheStreet lowered shares of SPX from a “b” rating to a “c+” rating in a research report on Tuesday, April 7th. Zacks Investment Research lowered shares of SPX from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. UBS Group boosted their target price on shares of SPX from $46.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, ValuEngine lowered shares of SPX from a “hold” rating to a “sell” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $51.00.
SPX stock opened at $41.15 on Monday. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 1.45 and a beta of 1.51. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.06 and a quick ratio of 0.81. SPX has a fifty-two week low of $25.50 and a fifty-two week high of $53.76. The firm has a fifty day moving average price of $39.68 and a two-hundred day moving average price of $42.54.
SPX (NYSE:SPXC) last released its quarterly earnings data on Thursday, April 30th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.10. SPX had a net margin of 6.09% and a return on equity of 27.02%. The business had revenue of $365.30 million during the quarter, compared to analyst estimates of $360.43 million. During the same quarter in the previous year, the business earned $0.51 EPS. SPX’s quarterly revenue was up 3.9% compared to the same quarter last year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc grew its stake in shares of SPX by 5.5% during the first quarter. Legal & General Group Plc now owns 133,087 shares of the company’s stock valued at $4,344,000 after purchasing an additional 6,918 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in SPX by 41.4% in the first quarter. BNP Paribas Arbitrage SA now owns 18,429 shares of the company’s stock valued at $602,000 after buying an additional 5,396 shares during the period. Citigroup Inc. lifted its holdings in SPX by 15.8% in the first quarter. Citigroup Inc. now owns 25,848 shares of the company’s stock valued at $843,000 after buying an additional 3,521 shares during the period. State Street Corp lifted its holdings in SPX by 6.5% in the first quarter. State Street Corp now owns 1,346,304 shares of the company’s stock valued at $43,943,000 after buying an additional 82,210 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in SPX by 7.3% in the first quarter. Geode Capital Management LLC now owns 610,310 shares of the company’s stock valued at $19,920,000 after buying an additional 41,495 shares during the period. 89.48% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider John William Swann III sold 16,225 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $45.51, for a total transaction of $738,399.75. 4.39% of the stock is currently owned by corporate insiders.
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. It operates in three segments: HVAC, Detection and Measurement, and Engineered Solutions.
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