SPX (NYSE:SPXC) Price Target Raised to $48.00

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SPX (NYSE:SPXC) had its target price raised by Buckingham Research from $40.00 to $48.00 in a note issued to investors on Friday, September 20th, BenzingaRatingsTable reports. The brokerage currently has a “buy” rating on the stock. Buckingham Research’s price objective indicates a potential upside of 24.10% from the stock’s current price.

Separately, Zacks Investment Research upgraded shares of SPX from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Friday, August 9th.

NYSE:SPXC traded up $0.61 during mid-day trading on Friday, reaching $38.68. The stock had a trading volume of 343,461 shares, compared to its average volume of 298,596. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 17.58 and a beta of 1.39. SPX has a 1-year low of $25.22 and a 1-year high of $41.78. The stock’s 50 day simple moving average is $39.09 and its two-hundred day simple moving average is $35.30. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.17 and a quick ratio of 0.84.

SPX (NYSE:SPXC) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.15. SPX had a return on equity of 26.81% and a net margin of 4.21%. The business had revenue of $372.40 million during the quarter, compared to the consensus estimate of $354.65 million. During the same period last year, the firm earned $0.53 earnings per share. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. Sell-side analysts anticipate that SPX will post 2.7 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund boosted its holdings in SPX by 1.8% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 16,806 shares of the company’s stock valued at $585,000 after purchasing an additional 304 shares during the period. Raymond James Trust N.A. grew its holdings in SPX by 7.1% during the 2nd quarter. Raymond James Trust N.A. now owns 6,709 shares of the company’s stock worth $222,000 after acquiring an additional 442 shares during the last quarter. Mason Street Advisors LLC grew its holdings in SPX by 3.7% during the 1st quarter. Mason Street Advisors LLC now owns 13,970 shares of the company’s stock worth $486,000 after acquiring an additional 495 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of SPX by 1.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 41,506 shares of the company’s stock valued at $1,371,000 after purchasing an additional 529 shares during the last quarter. Finally, Squar Milner Financial Services LLC boosted its stake in shares of SPX by 13.2% in the 2nd quarter. Squar Milner Financial Services LLC now owns 5,086 shares of the company’s stock valued at $168,000 after purchasing an additional 595 shares during the last quarter. 87.25% of the stock is owned by institutional investors and hedge funds.

About SPX

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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