SPX Technologies (NYSE:SPXC) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of SPX Technologies (NYSE:SPXC) from a buy rating to a hold rating in a report issued on Saturday morning,Wall Street Zen reports.

Several other research firms have also recently issued reports on SPXC. JPMorgan Chase & Co. cut their price objective on shares of SPX Technologies from $282.00 to $225.00 and set an “overweight” rating for the company in a research report on Friday. Oppenheimer decreased their target price on shares of SPX Technologies from $280.00 to $270.00 and set an “outperform” rating on the stock in a report on Friday, October 2nd. Wolfe Research began coverage on shares of SPX Technologies in a research note on Tuesday, September 15th. They issued an “outperform” rating and a $250.00 price target for the company. Wells Fargo & Company reissued an “overweight” rating and issued a $250.00 price target on shares of SPX Technologies in a research note on Monday, August 3rd. Finally, Zacks Research downgraded shares of SPX Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $248.09.

SPX Technologies Stock Performance

NYSE SPXC opened at $168.38 on Friday. The stock’s fifty day moving average is $191.91 and its two-hundred day moving average is $208.44. The firm has a market capitalization of $8.43 billion, a P/E ratio of 30.28, a price-to-earnings-growth ratio of 1.09 and a beta of 1.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 1.82. SPX Technologies has a fifty-two week low of $166.17 and a fifty-two week high of $251.08.

SPX Technologies (NYSE:SPXC) last issued its earnings results on Thursday, July 30th. The company reported $2.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.17. SPX Technologies had a return on equity of 16.53% and a net margin of 11.27%. The business had revenue of $679.00 million during the quarter, compared to the consensus estimate of $640.18 million. During the same period last year, the company earned $1.65 EPS. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. On average, research analysts anticipate that SPX Technologies will post 8.48 earnings per share for the current year.

Institutional Trading of SPX Technologies

Several institutional investors and hedge funds have recently bought and sold shares of SPXC. BlackRock Inc. purchased a new position in SPX Technologies during the second quarter worth about $1,189,365,000. Jupiter Topco LLC purchased a new stake in shares of SPX Technologies in the 2nd quarter valued at approximately $465,593,000. First Trust Advisors LP raised its stake in shares of SPX Technologies by 181.4% in the 1st quarter. First Trust Advisors LP now owns 1,362,871 shares of the company’s stock valued at $272,492,000 after acquiring an additional 878,494 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of SPX Technologies by 5.9% in the 1st quarter. Janus Henderson Group PLC now owns 765,245 shares of the company’s stock worth $153,011,000 after acquiring an additional 42,921 shares during the last quarter. Finally, Port Capital LLC acquired a new position in shares of SPX Technologies in the 2nd quarter worth approximately $109,159,000. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

About SPX Technologies

SPX Technologies, Inc is a diversified industrial technology company headquartered in Charlotte, North Carolina. The company designs, manufactures and services highly engineered products and solutions used by customers in the heating, ventilation and air-conditioning (HVAC), infrastructure and industrial markets.

SPX’s HVAC businesses provide cooling towers, evaporative and air-cooled cooling systems, boilers, heat-transfer equipment, air-handling products and related services. Its brands include Marley, Recold, Weil-McLain, Patterson-Kelley, Berko and QMark.