SPX Corp (NYSE:SPXC) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 517,700 shares, a drop of 9.8% from the September 30th total of 573,800 shares. Based on an average daily trading volume, of 296,400 shares, the days-to-cover ratio is presently 1.7 days. Currently, 1.2% of the shares of the company are short sold.
Several equities analysts have commented on the stock. Zacks Investment Research raised shares of SPX from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Tuesday, November 5th. Sidoti assumed coverage on shares of SPX in a research report on Friday, October 18th. They set a “buy” rating and a $52.00 target price on the stock. Seaport Global Securities started coverage on shares of SPX in a research report on Tuesday, October 22nd. They set a “buy” rating and a $50.00 target price on the stock. Finally, Buckingham Research lifted their price target on shares of SPX from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, September 20th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $50.50.
Several large investors have recently bought and sold shares of SPXC. Meeder Asset Management Inc. bought a new stake in shares of SPX in the 2nd quarter worth approximately $29,000. Public Employees Retirement System of Ohio bought a new stake in shares of SPX in the 2nd quarter worth approximately $36,000. Financial Architects Inc grew its stake in SPX by 2,192.3% in the 3rd quarter. Financial Architects Inc now owns 1,192 shares of the company’s stock valued at $48,000 after buying an additional 1,140 shares in the last quarter. Robeco Institutional Asset Management B.V. purchased a new position in SPX in the 3rd quarter valued at approximately $58,000. Finally, Tower Research Capital LLC TRC grew its stake in SPX by 270.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,484 shares of the company’s stock valued at $99,000 after buying an additional 1,814 shares in the last quarter. 83.57% of the stock is currently owned by institutional investors.
Shares of NYSE:SPXC traded down $0.22 during mid-day trading on Monday, reaching $47.38. The company had a trading volume of 10,376 shares, compared to its average volume of 381,969. The company has a current ratio of 1.21, a quick ratio of 0.87 and a debt-to-equity ratio of 0.70. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 21.48 and a beta of 1.42. The company’s 50-day moving average price is $42.13 and its 200-day moving average price is $36.61. SPX has a one year low of $25.22 and a one year high of $48.37.
SPX (NYSE:SPXC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The company had revenue of $364.80 million for the quarter, compared to analysts’ expectations of $353.48 million. SPX had a net margin of 5.18% and a return on equity of 27.82%. SPX’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.37 EPS. On average, research analysts anticipate that SPX will post 2.71 EPS for the current fiscal year.
SPX Company Profile
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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