SPX Technologies (NYSE:SPXC) Rating Increased to Buy at StockNews.com

SPX Technologies (NYSE:SPXC) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

SPXC has been the topic of a number of other reports. UBS Group increased their price objective on SPX Technologies from $90.00 to $126.00 and gave the company a “neutral” rating in a research report on Wednesday, March 27th. Oppenheimer upped their price target on SPX Technologies from $134.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday.

SPX Technologies Stock Performance

NYSE:SPXC opened at $130.94 on Friday. The stock has a market capitalization of $6.06 billion, a P/E ratio of 63.87, a price-to-earnings-growth ratio of 1.44 and a beta of 1.24. The company has a current ratio of 1.77, a quick ratio of 1.08 and a debt-to-equity ratio of 0.44. SPX Technologies has a 1 year low of $61.09 and a 1 year high of $132.79. The firm has a 50 day moving average of $118.99 and a 200-day moving average of $103.12.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.19. The firm had revenue of $465.20 million during the quarter, compared to the consensus estimate of $454.05 million. SPX Technologies had a return on equity of 18.44% and a net margin of 5.32%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 EPS. As a group, sell-side analysts anticipate that SPX Technologies will post 5.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider John William Swann III sold 32,325 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total value of $3,801,743.25. Following the transaction, the insider now owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of SPX Technologies stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $115.34, for a total transaction of $4,036,900.00. Following the transaction, the chief executive officer now owns 667,045 shares of the company’s stock, valued at approximately $76,936,970.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John William Swann III sold 32,325 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the transaction, the insider now owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The disclosure for this sale can be found here. Insiders sold a total of 94,373 shares of company stock valued at $10,962,146 over the last ninety days. Insiders own 3.53% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

Hedge funds have recently bought and sold shares of the company. Raymond James & Associates increased its holdings in shares of SPX Technologies by 133.1% in the third quarter. Raymond James & Associates now owns 9,832 shares of the company’s stock worth $800,000 after acquiring an additional 5,614 shares in the last quarter. Brown Advisory Inc. increased its stake in SPX Technologies by 3.4% during the 3rd quarter. Brown Advisory Inc. now owns 84,307 shares of the company’s stock worth $6,863,000 after purchasing an additional 2,746 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in SPX Technologies by 9.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,612 shares of the company’s stock worth $782,000 after buying an additional 819 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in SPX Technologies by 9.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 259,230 shares of the company’s stock valued at $21,101,000 after buying an additional 22,593 shares in the last quarter. Finally, TIAA Trust National Association bought a new stake in SPX Technologies in the 3rd quarter valued at $234,000. 92.82% of the stock is currently owned by institutional investors and hedge funds.

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.