Dallas, Texas 09/05/2013 (Financialstrend) – Relational Investors LLC own a 10% stake in SPX Corporation (NYSE:SPW). They have now purchased 173,231 shares at a cost of $73.99/share for $18,707,927.56 total value. This transaction was disclosed in a SEC filing.
Analysts speak
Numerous research firms have commented on SPW’s stock lately. Barclay’s Capital analysts have downgraded the company’s shares from the “best ideas list” rating to an “overweight” one. Wedbush analysts have raised their price-target on SPX shares from $72.00 to $74.00 and have assigned a “neutral” rating on the stock. Credit Suisse analysts have also raised their price-target on the shares from $69.00 to $76.00 and have set a “neutral” rating on the stock.
One research-analyst has assigned the stock with a “sell” rating, 8 have assigned a “hold” rating and 8 have assigned a “buy” rating. The average rating in SPX stock is a “hold” and the average price-target is $83.16.
Last trading session
SPX Corporation (NYSE:SPW) stock rose 1.66% in Wednesday’s trading session. The opening price of the shares was $73.95 which touched an intraday high of $75.22 which was also the closing price for the day. More than 0.353 million shares were traded on Wednesday while the average volume of shares traded over 30 days was 0.306 million. The company has a market cap of $3.41 billion.
The company
SPX is a multi industry manufacturer of various specialized engineered solutions that operates on a global basis. Its operations span 35 countries and it has sales in more than 150 countries across the globe. Its business segments include Thermal Equipment, Flow Technology and Services. In the year that ended 31 December 2012, the Flow Technology segment was responsible for 53 percent of its revenues. It has investments in the oil and gas, food and beverage, industrial flow and power generation markets. Its energy and power infrastructure products include large scale rotary and stationary heat exchangers and cooling systems and well as pollution control systems.
