SPX Technologies (NYSE:SPXC) Upgraded to “Strong-Buy” at B. Riley

SPX Technologies (NYSE:SPXC) was upgraded by research analysts at B. Riley to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Sidoti upgraded SPX Technologies from a “neutral” rating to a “buy” rating in a report on Wednesday, February 26th. Oppenheimer raised shares of SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 target price for the company in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $178.80.

SPX Technologies Price Performance

Shares of NYSE SPXC opened at $154.23 on Wednesday. The company has a market cap of $7.20 billion, a PE ratio of 41.46, a P/E/G ratio of 1.33 and a beta of 1.21. 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 has a 1-year low of $115.00 and a 1-year high of $183.83. The stock has a fifty day moving average price of $135.45 and a 200 day moving average price of $147.02.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.22. The business had revenue of $482.60 million during the quarter, compared to the consensus estimate of $481.32 million. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.25 EPS. Sell-side analysts forecast that SPX Technologies will post 5.57 EPS for the current year.

Institutional Investors Weigh In On SPX Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of SPXC. Allworth Financial LP raised its stake in SPX Technologies by 123.3% during the fourth quarter. Allworth Financial LP now owns 163 shares of the company’s stock valued at $25,000 after buying an additional 90 shares in the last quarter. Empowered Funds LLC acquired a new stake in SPX Technologies in the 4th quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of SPX Technologies by 377.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company’s stock valued at $29,000 after purchasing an additional 151 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of SPX Technologies by 2,055.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company’s stock worth $28,000 after acquiring an additional 185 shares during the period. Finally, NBC Securities Inc. bought a new position in SPX Technologies during the 1st quarter valued at $27,000. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

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.