SPX Co. (NASDAQ:SPXC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, May 10th. The brokerage presently has a $30.00 target price on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 18.67% from the stock’s previous close.
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. “
SPX (SPXC) traded up 1.04% during trading on Wednesday, hitting $25.28. The stock had a trading volume of 352,485 shares. The firm’s 50 day moving average is $25.32 and its 200 day moving average is $24.69. The firm’s market cap is $1.07 billion. SPX has a 1-year low of $14.00 and a 1-year high of $28.93.
SPX (NASDAQ:SPXC) last issued its quarterly earnings results on Thursday, May 4th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.11. The firm had revenue of $340.60 million for the quarter, compared to the consensus estimate of $320.94 million. During the same quarter in the prior year, the firm earned $0.09 earnings per share. On average, analysts anticipate that SPX will post $1.69 earnings per share for the current year.
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Institutional investors have recently modified their holdings of the stock. OMERS ADMINISTRATION Corp purchased a new position in shares of SPX during the third quarter valued at about $570,000. HighTower Advisors LLC purchased a new position in shares of SPX during the third quarter valued at about $1,496,000. Weiss Asset Management LP purchased a new position in shares of SPX during the third quarter valued at about $239,000. Ameriprise Financial Inc. raised its position in shares of SPX by 2.7% in the third quarter. Ameriprise Financial Inc. now owns 341,492 shares of the company’s stock valued at $6,877,000 after buying an additional 9,132 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its position in shares of SPX by 1.5% in the third quarter. Municipal Employees Retirement System of Michigan now owns 9,230 shares of the company’s stock valued at $186,000 after buying an additional 140 shares in the last quarter.
SPX Company Profile
SPX Corporation is a global supplier of infrastructure equipment. The Company operates through three segments: HVAC; Detection and Measurement, and Engineered Solutions. The HVAC solutions offered by its businesses include package cooling towers, residential and commercial boilers, heating and ventilation products.
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