SPX Co. (NASDAQ:SPXC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The brokerage presently has a $23.00 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 14.20% from the company’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. “
Separately, Credit Suisse Group AG raised SPX to a “buy” rating in a research report on Saturday, July 9th.
Shares of SPX (NASDAQ:SPXC) opened at 20.14 on Friday. The firm’s 50-day moving average price is $19.35 and its 200 day moving average price is $16.55. The stock’s market cap is $840.99 million. SPX has a 1-year low of $7.62 and a 1-year high of $20.55.
SPX (NASDAQ:SPXC) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.07. The firm had revenue of $412.90 million for the quarter, compared to analysts’ expectations of $413.55 million. During the same period last year, the firm posted $0.96 EPS. SPX’s revenue was down 10.1% on a year-over-year basis. On average, equities analysts expect that SPX will post $1.19 earnings per share for the current fiscal year.
In other SPX news, insider Michael Andrew Reilly sold 2,258 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $19.19, for a total transaction of $43,331.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of large investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. increased its stake in SPX by 212.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 522,559 shares of the company’s stock worth $7,761,000 after buying an additional 355,208 shares during the period. AQR Capital Management LLC boosted its position in shares of SPX by 14.5% in the second quarter. AQR Capital Management LLC now owns 1,884,278 shares of the company’s stock worth $27,982,000 after buying an additional 238,858 shares in the last quarter. Brant Point Investment Management LLC boosted its position in shares of SPX by 369.1% in the second quarter. Brant Point Investment Management LLC now owns 234,559 shares of the company’s stock worth $3,483,000 after buying an additional 184,559 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of SPX during the second quarter worth approximately $1,626,000. Finally, Citadel Advisors LLC boosted its position in shares of SPX by 160.8% in the second quarter. Citadel Advisors LLC now owns 130,232 shares of the company’s stock worth $1,934,000 after buying an additional 80,288 shares in the last quarter.
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