SPX Technologies (NYSE:SPXC) Now Covered by Wolfe Research

Wolfe Research initiated coverage on shares of SPX Technologies (NYSE:SPXC) in a research note issued to investors on Monday morning, MarketBeat reports. The brokerage issued an outperform rating and a $199.00 price objective on the stock.

SPX Technologies Stock Performance

Shares of SPX Technologies stock opened at $181.56 on Monday. The firm’s fifty day simple moving average is $162.39 and its 200-day simple moving average is $151.55. The stock has a market capitalization of $8.42 billion, a price-to-earnings ratio of 48.81, a PEG ratio of 1.76 and a beta of 1.22. SPX Technologies has a 12 month low of $83.98 and a 12 month high of $183.83. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. The business had revenue of $483.70 million for the quarter, compared to analysts’ expectations of $501.02 million. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.06 EPS. As a group, equities analysts forecast that SPX Technologies will post 5.56 earnings per share for the current year.

Hedge Funds Weigh In On SPX Technologies

Institutional investors have recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new position in SPX Technologies in the 3rd quarter valued at $28,000. Crewe Advisors LLC acquired a new position in SPX Technologies in the 2nd quarter valued at $28,000. Canada Pension Plan Investment Board acquired a new position in SPX Technologies in the 2nd quarter valued at $28,000. UMB Bank n.a. increased its stake in SPX Technologies by 965.0% in the 2nd quarter. UMB Bank n.a. now owns 213 shares of the company’s stock valued at $30,000 after buying an additional 193 shares during the period. Finally, ST Germain D J Co. Inc. acquired a new position in SPX Technologies in the 3rd quarter valued at $44,000. 92.82% of the stock is owned by institutional investors and hedge funds.

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.