SPX Corp. Sets New 1-Year High Following Earnings Beat (SPW)
SPX Corp. (NYSE:SPW) shares hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report, Analyst Ratings Network reports. The stock traded as high as $108.21 and last traded at $101.74, with a volume of 552,784 shares traded. The stock had previously closed at $98.90.
The company reported $1.85 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.82 by $0.03. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the company posted $1.57 earnings per share. SPX Corp.’s revenue was down 3.4% compared to the same quarter last year.
Several analysts have recently commented on the stock. Analysts at Barclays initiated coverage on shares of SPX Corp. in a research note on Tuesday, January 21st. They set an “overweight” rating and a $108.00 price target on the stock. Separately, analysts at Stifel Nicolaus raised their price target on shares of SPX Corp. from $110.00 to $125.00 in a research note on Tuesday, January 21st. They now have a “buy” rating on the stock. Finally, analysts at Zacks upgraded shares of SPX Corp. from an “underperform” rating to a “neutral” rating in a research note on Tuesday, December 31st. They now have a $100.00 price target on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $93.85.
The stock has a 50-day moving average of $99.51 and a 200-day moving average of $88.7. The company has a market cap of $4.770 billion and a P/E ratio of 18.85.
SPX Corporation is a global, multi-industry manufacturer of specialized, engineered solutions with operations in over 35 countries and sales in over 150 countries globally.
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