Zacks: Brokerages Anticipate SPX Corp (NYSE:SPXC) to Announce $0.50 EPS

Analysts predict that SPX Corp (NYSE:SPXC) will announce $0.50 earnings per share for the current quarter, Zacks reports. Two analysts have made estimates for SPX’s earnings. The highest EPS estimate is $0.53 and the lowest is $0.47. SPX reported earnings per share of $0.51 during the same quarter last year, which indicates a negative year-over-year growth rate of 2%. The company is scheduled to report its next earnings report on Thursday, May 7th.

According to Zacks, analysts expect that SPX will report full-year earnings of $2.94 per share for the current financial year, with EPS estimates ranging from $2.90 to $2.96. For the next fiscal year, analysts forecast that the firm will report earnings of $3.16 per share. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow SPX.

SPX (NYSE:SPXC) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.02. The business had revenue of $444.60 million for the quarter, compared to analyst estimates of $438.75 million.

SPXC has been the subject of a number of recent research reports. Buckingham Research increased their price target on shares of SPX from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. They noted that the move was a valuation call. ValuEngine cut shares of SPX from a “hold” rating to a “sell” rating in a research note on Friday, January 10th. Seaport Global Securities initiated coverage on shares of SPX in a research note on Tuesday, October 22nd. They set a “buy” rating and a $50.00 price target for the company. UBS Group cut shares of SPX from a “buy” rating to a “neutral” rating and increased their price target for the stock from $50.00 to $56.00 in a research note on Tuesday, January 7th. Finally, Vertical Research cut shares of SPX from a “buy” rating to a “hold” rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $53.60.

In other news, insider Brian G. Mason sold 25,000 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $50.94, for a total value of $1,273,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.21% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in SPXC. Goldman Sachs Group Inc. lifted its stake in shares of SPX by 561.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 536,414 shares of the company’s stock worth $27,293,000 after acquiring an additional 455,355 shares during the period. Victory Capital Management Inc. lifted its stake in shares of SPX by 4,774.3% in the 4th quarter. Victory Capital Management Inc. now owns 458,870 shares of the company’s stock worth $22,517,000 after acquiring an additional 449,456 shares during the period. Prudential Financial Inc. lifted its stake in shares of SPX by 150.5% in the 4th quarter. Prudential Financial Inc. now owns 536,063 shares of the company’s stock worth $27,275,000 after acquiring an additional 322,066 shares during the period. Eagle Asset Management Inc. lifted its stake in shares of SPX by 590.8% in the 3rd quarter. Eagle Asset Management Inc. now owns 375,195 shares of the company’s stock worth $15,011,000 after acquiring an additional 320,883 shares during the period. Finally, BlackRock Inc. lifted its stake in shares of SPX by 2.8% in the 2nd quarter. BlackRock Inc. now owns 6,435,989 shares of the company’s stock worth $212,517,000 after acquiring an additional 173,894 shares during the period. Institutional investors own 88.14% of the company’s stock.

NYSE:SPXC traded down $0.81 during trading hours on Tuesday, reaching $52.13. 839,493 shares of the company’s stock were exchanged. The company has a 50-day moving average of $51.08 and a 200 day moving average of $44.60. SPX has a 1-year low of $29.59 and a 1-year high of $53.76.

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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Earnings History and Estimates for SPX (NYSE:SPXC)

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