SPX Technologies (NYSE:SPXC) Upgraded to “Buy” at UBS Group

UBS Group upgraded shares of SPX Technologies (NYSE:SPXC) from a neutral rating to a buy rating in a research report report published on Monday morning, Marketbeat.com reports. The firm currently has $182.00 target price on the stock, up from their prior target price of $160.00.

Several other equities analysts have also commented on SPXC. B. Riley initiated coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a “buy” rating and a $195.00 target price for the company. Oppenheimer upgraded SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 price target for the company in a research note on Wednesday, February 26th. Finally, Sidoti upgraded SPX Technologies from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 26th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $183.20.

SPX Technologies Stock Performance

SPX Technologies stock opened at $154.82 on Monday. The firm has a market capitalization of $7.23 billion, a P/E ratio of 41.62, a PEG ratio of 1.33 and a beta of 1.21. The stock has a fifty day moving average price of $139.67 and a 200 day moving average price of $146.28. SPX Technologies has a 52 week low of $115.00 and a 52 week high of $183.83. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49.

SPX Technologies (NYSE:SPXC) last released its earnings results on Thursday, May 1st. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.16 by $0.22. The firm had revenue of $482.60 million during the quarter, compared to analyst estimates of $481.32 million. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.25 earnings per share. Equities research analysts anticipate that SPX Technologies will post 5.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Rick D. Puckett sold 6,823 shares of the company’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $153.01, for a total value of $1,043,987.23. Following the completion of the sale, the director now owns 33,770 shares of the company’s stock, valued at $5,167,147.70. This represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SPX Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC boosted its position in shares of SPX Technologies by 299.0% in the third quarter. Barclays PLC now owns 84,567 shares of the company’s stock worth $13,485,000 after buying an additional 63,373 shares during the period. Venturi Wealth Management LLC purchased a new stake in shares of SPX Technologies in the fourth quarter worth about $331,000. Comerica Bank boosted its position in shares of SPX Technologies by 25.4% in the fourth quarter. Comerica Bank now owns 86,267 shares of the company’s stock worth $12,554,000 after buying an additional 17,472 shares during the period. Arizona State Retirement System boosted its position in shares of SPX Technologies by 0.9% in the fourth quarter. Arizona State Retirement System now owns 13,436 shares of the company’s stock worth $1,955,000 after buying an additional 123 shares during the period. Finally, Empowered Funds LLC purchased a new stake in shares of SPX Technologies in the fourth quarter worth about $27,000. Hedge funds and other institutional investors own 92.82% of the company’s stock.

About SPX Technologies

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.