SPX Technologies (NYSE:SPXC) Receives “Outperform” Rating from Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of SPX Technologies (NYSE:SPXCFree Report) in a research report report published on Thursday, Benzinga reports. Oppenheimer currently has a $134.00 price target on the stock, up from their previous price target of $124.00.

Several other research firms have also commented on SPXC. UBS Group raised their price objective on shares of SPX Technologies from $90.00 to $126.00 and gave the company a neutral rating in a research note on Wednesday. StockNews.com lowered shares of SPX Technologies from a buy rating to a hold rating in a research note on Friday, March 15th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $130.00.

Get Our Latest Stock Report on SPX Technologies

SPX Technologies Trading Up 1.4 %

Shares of SPXC stock opened at $123.16 on Thursday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.77 and a quick ratio of 1.08. The firm has a market cap of $5.63 billion, a PE ratio of 64.15, a price-to-earnings-growth ratio of 1.34 and a beta of 1.25. The company has a 50-day moving average of $110.63 and a two-hundred day moving average of $95.48. SPX Technologies has a 1-year low of $61.09 and a 1-year high of $123.40.

SPX Technologies (NYSE:SPXCGet Free Report) last announced its earnings results on Thursday, February 22nd. The company reported $1.25 earnings per share for the quarter, hitting the consensus estimate of $1.25. SPX Technologies had a net margin of 5.16% and a return on equity of 17.30%. The company had revenue of $469.40 million during the quarter, compared to analyst estimates of $481.98 million. During the same quarter last year, the firm posted $1.17 earnings per share. SPX Technologies’s revenue was up 9.3% compared to the same quarter last year. On average, analysts predict that SPX Technologies will post 5.03 EPS for the current year.

Insider Buying and Selling

In other SPX Technologies news, CEO Eugene Joseph Lowe III sold 27,048 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the sale, the chief executive officer now owns 597,936 shares of the company’s stock, valued at $69,049,649.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction on Friday, March 1st. The shares were sold at an average price of $115.48, for a total value of $3,123,503.04. Following the transaction, the chief executive officer now directly owns 597,936 shares of the company’s stock, valued at approximately $69,049,649.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John William Swann III sold 32,325 shares of SPX Technologies stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the completion of the transaction, the insider now directly owns 82,884 shares in the company, valued at $9,747,987.24. The disclosure for this sale can be found here. Insiders sold 94,373 shares of company stock worth $10,962,146 over the last 90 days. 4.02% of the stock is owned by insiders.

Hedge Funds Weigh In On SPX Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fairfield Bush & CO. purchased a new stake in shares of SPX Technologies during the 1st quarter worth $35,000. US Bancorp DE boosted its position in shares of SPX Technologies by 4.2% in the 1st quarter. US Bancorp DE now owns 8,869 shares of the company’s stock worth $438,000 after buying an additional 358 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of SPX Technologies by 7.1% in the 1st quarter. HighTower Advisors LLC now owns 4,367 shares of the company’s stock worth $216,000 after buying an additional 290 shares in the last quarter. Citigroup Inc. boosted its position in shares of SPX Technologies by 12.1% in the 1st quarter. Citigroup Inc. now owns 40,083 shares of the company’s stock worth $1,981,000 after buying an additional 4,333 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of SPX Technologies by 31.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 14,499 shares of the company’s stock worth $717,000 after buying an additional 3,432 shares in the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

SPX Technologies Company Profile

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SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.

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