SPX (NYSE:SPXC) Hits New 12-Month High After Earnings Beat

SPX Corp (NYSE:SPXC)’s share price hit a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $53.76 and last traded at $52.94, with a volume of 299228 shares changing hands. The stock had previously closed at $51.91.

The company reported $0.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.02. SPX had a net margin of 5.18% and a return on equity of 27.82%. The company had revenue of $444.60 million for the quarter, compared to the consensus estimate of $438.75 million.

Several research analysts have weighed in on SPXC shares. Sidoti started coverage on shares of SPX in a report on Friday, October 18th. They set a “buy” rating and a $52.00 price objective on the stock. Zacks Investment Research upgraded shares of SPX from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Tuesday, November 5th. UBS Group downgraded shares of SPX from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $50.00 to $56.00 in a report on Tuesday, January 7th. ValuEngine downgraded shares of SPX from a “hold” rating to a “sell” rating in a report on Friday, January 10th. Finally, Buckingham Research upped their price objective on shares of SPX from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $53.60.

In other SPX news, insider Brian G. Mason sold 25,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $50.94, for a total transaction of $1,273,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.21% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. NumerixS Investment Technologies Inc purchased a new stake in shares of SPX in the fourth quarter valued at about $25,000. Americana Partners LLC purchased a new stake in shares of SPX in the fourth quarter valued at about $33,000. Evoke Wealth LLC purchased a new stake in shares of SPX in the third quarter valued at about $46,000. Financial Architects Inc raised its holdings in shares of SPX by 2,192.3% in the third quarter. Financial Architects Inc now owns 1,192 shares of the company’s stock valued at $48,000 after purchasing an additional 1,140 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of SPX in the third quarter valued at about $52,000. Institutional investors own 88.14% of the company’s stock.

The company’s fifty day moving average price is $51.08 and its 200 day moving average price is $44.60. The company has a market cap of $2.25 billion, a PE ratio of 29.45 and a beta of 1.45. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.21 and a quick ratio of 0.87.

SPX Company Profile (NYSE:SPXC)

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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