SPX Technologies (NYSE:SPXC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of SPX Technologies (NYSE:SPXC) from a hold rating to a buy rating in a report released on Saturday.

Other equities analysts have also recently issued reports about the company. UBS Group lifted their price target on SPX Technologies from $182.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Oppenheimer lifted their price target on SPX Technologies from $170.00 to $197.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. Finally, B. Riley initiated coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a “buy” rating and a $195.00 price target on the stock. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $195.20.

SPX Technologies Stock Performance

Shares of NYSE SPXC opened at $200.43 on Friday. The stock has a market cap of $9.37 billion, a price-to-earnings ratio of 45.04, a P/E/G ratio of 1.72 and a beta of 1.27. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62. SPX Technologies has a 1-year low of $115.00 and a 1-year high of $209.38. The stock’s 50-day moving average is $172.56 and its 200 day moving average is $152.09.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.20. The company had revenue of $552.40 million for the quarter, compared to analysts’ expectations of $546.03 million. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%. SPX Technologies’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm posted $1.42 EPS. On average, sell-side analysts anticipate that SPX Technologies will post 5.57 EPS for the current fiscal year.

Insider Buying and Selling at SPX Technologies

In other news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies stock in a transaction that occurred on 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 sale, the director directly owned 33,770 shares in the company, valued at approximately $5,167,147.70. This trade represents a 16.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

Several hedge funds have recently made changes to their positions in the company. Invesco Ltd. boosted its position in shares of SPX Technologies by 3.4% during the fourth quarter. Invesco Ltd. now owns 1,150,781 shares of the company’s stock valued at $167,462,000 after purchasing an additional 37,468 shares in the last quarter. Geode Capital Management LLC raised its stake in SPX Technologies by 1.7% during the second quarter. Geode Capital Management LLC now owns 1,086,522 shares of the company’s stock valued at $182,211,000 after buying an additional 17,735 shares during the last quarter. Conestoga Capital Advisors LLC raised its stake in SPX Technologies by 1.4% during the first quarter. Conestoga Capital Advisors LLC now owns 799,195 shares of the company’s stock valued at $102,920,000 after buying an additional 11,400 shares during the last quarter. Janus Henderson Group PLC raised its stake in SPX Technologies by 3.9% during the fourth quarter. Janus Henderson Group PLC now owns 723,708 shares of the company’s stock valued at $105,321,000 after buying an additional 26,995 shares during the last quarter. Finally, FMR LLC raised its stake in SPX Technologies by 8.5% during the fourth quarter. FMR LLC now owns 718,298 shares of the company’s stock valued at $104,527,000 after buying an additional 56,175 shares during the last quarter. 92.82% of the stock is currently owned by institutional investors.

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.