SPX Technologies (NYSE:SPXC) Upgraded at Bank of America

Bank of America upgraded shares of SPX Technologies (NYSE:SPXC) from a neutral rating to a buy rating in a report published on Friday morning, MarketBeat Ratings reports. The firm currently has $280.00 price target on the stock, up from their previous price target of $240.00.

A number of other research firms also recently issued reports on SPXC. Truist Financial increased their price objective on SPX Technologies from $215.00 to $216.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. TD Cowen reaffirmed a “hold” rating on shares of SPX Technologies in a research note on Tuesday, January 6th. B. Riley Financial reiterated a “buy” rating and issued a $244.00 price objective (up from $225.00) on shares of SPX Technologies in a report on Wednesday, December 10th. Wall Street Zen upgraded shares of SPX Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of SPX Technologies in a research report on Monday, December 29th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $225.29.

SPX Technologies Trading Up 3.5%

SPXC opened at $238.93 on Friday. The stock has a market capitalization of $11.91 billion, a P/E ratio of 51.16, a P/E/G ratio of 2.00 and a beta of 1.32. The company has a current ratio of 2.47, a quick ratio of 1.70 and a debt-to-equity ratio of 0.23. SPX Technologies has a 12 month low of $115.00 and a 12 month high of $242.21. The firm’s fifty day simple moving average is $213.41 and its 200 day simple moving average is $202.26.

Insider Activity

In related news, insider John William Swann III sold 38,755 shares of the business’s stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $206.07, for a total transaction of $7,986,242.85. Following the transaction, the insider directly owned 64,266 shares of the company’s stock, valued at approximately $13,243,294.62. The trade was a 37.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider J Randall Data sold 12,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $215.37, for a total value of $2,584,440.00. Following the sale, the insider directly owned 38,020 shares of the company’s stock, valued at $8,188,367.40. This represents a 23.99% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 3.32% of the company’s stock.

Hedge Funds Weigh In On SPX Technologies

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in SPX Technologies by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,298,472 shares of the company’s stock valued at $989,649,000 after buying an additional 232,436 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of SPX Technologies by 62.4% during the third quarter. Invesco Ltd. now owns 1,879,216 shares of the company’s stock worth $351,000,000 after acquiring an additional 722,039 shares during the period. Capital International Investors acquired a new position in shares of SPX Technologies in the fourth quarter valued at approximately $307,494,000. Geode Capital Management LLC increased its stake in shares of SPX Technologies by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 1,213,809 shares of the company’s stock worth $242,874,000 after purchasing an additional 63,889 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in SPX Technologies by 0.4% during the 3rd quarter. Alliancebernstein L.P. now owns 667,605 shares of the company’s stock worth $124,695,000 after purchasing an additional 2,631 shares during the last quarter. 92.82% of the stock is owned by institutional investors.

SPX Technologies Company Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.