Wells Fargo & Company Initiates Coverage on SPX Technologies (NYSE:SPXC)

Wells Fargo & Company initiated coverage on shares of SPX Technologies (NYSE:SPXC) in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $205.00 price target on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 10.79% from the company’s current price.

SPXC has been the topic of a number of other research reports. Bank of America assumed coverage on SPX Technologies in a research report on Wednesday, October 8th. They issued a “neutral” rating and a $202.00 target price on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of SPX Technologies in a report on Wednesday, October 8th. Oppenheimer increased their target price on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. UBS Group boosted their price target on shares of SPX Technologies from $182.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Finally, Wall Street Zen downgraded shares of SPX Technologies from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $197.57.

SPX Technologies Price Performance

Shares of SPXC stock opened at $185.04 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.97 and a quick ratio of 1.28. The company has a market capitalization of $8.65 billion, a PE ratio of 41.58, a price-to-earnings-growth ratio of 1.90 and a beta of 1.37. The firm’s 50-day moving average is $188.16 and its two-hundred day moving average is $166.55. SPX Technologies has a 12 month low of $115.00 and a 12 month high of $209.38.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings results on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.20. The business had revenue of $552.40 million during the quarter, compared to the consensus estimate of $546.03 million. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.42 EPS. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. Analysts predict that SPX Technologies will post 5.57 earnings per share for the current year.

Hedge Funds Weigh In On SPX Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC increased its position in shares of SPX Technologies by 2.5% during the third quarter. CWM LLC now owns 3,202 shares of the company’s stock worth $598,000 after acquiring an additional 77 shares during the period. Pacer Advisors Inc. grew its stake in SPX Technologies by 204.9% during the 3rd quarter. Pacer Advisors Inc. now owns 2,589 shares of the company’s stock worth $484,000 after purchasing an additional 1,740 shares in the last quarter. Norden Group LLC purchased a new stake in SPX Technologies during the 3rd quarter worth about $225,000. Brookstone Capital Management purchased a new stake in SPX Technologies during the 3rd quarter worth about $422,000. Finally, Farther Finance Advisors LLC raised its position in SPX Technologies by 53.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 838 shares of the company’s stock valued at $157,000 after purchasing an additional 293 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.

SPX Technologies Company Profile

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.