SPX Technologies, Inc. (NYSE:SPXC) Stock Rated “Moderate Buy” by Wall Street Analysts

Shares of SPX Technologies, Inc. (NYSE:SPXC) have received a consensus rating of “Moderate Buy” from the fourteen research firms that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $240.36.

A number of brokerages recently issued reports on SPXC. Truist Financial reiterated a “buy” rating and issued a $233.00 price target (down from $266.00) on shares of SPX Technologies in a research note on Monday, November 2nd. Citigroup restated a “buy” rating on shares of SPX Technologies in a report on Friday, October 30th. Wall Street Zen cut shares of SPX Technologies from a “buy” rating to a “hold” rating in a research report on Sunday. Weiss Ratings downgraded shares of SPX Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, November 3rd. Finally, Wolfe Research initiated coverage on shares of SPX Technologies in a research note on Tuesday, September 15th. They set an “outperform” rating and a $250.00 target price for the company.

SPX Technologies Trading Down 0.2%

SPXC opened at $142.46 on Monday. The business has a fifty day moving average price of $173.38 and a 200 day moving average price of $205.96. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.17. SPX Technologies has a 12 month low of $137.86 and a 12 month high of $251.08. The stock has a market capitalization of $7.14 billion, a price-to-earnings ratio of 24.15, a PEG ratio of 0.94 and a beta of 1.26.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings results on Thursday, October 29th. The company reported $2.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.09. The company had revenue of $714.50 million for the quarter, compared to analyst estimates of $710.38 million. SPX Technologies had a return on equity of 16.96% and a net margin of 11.48%. SPX Technologies’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.84 EPS. Sell-side analysts expect that SPX Technologies will post 8.39 earnings per share for the current fiscal year.

Insider Transactions at SPX Technologies

In other SPX Technologies news, Director Brian A. Deck purchased 3,000 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The stock was bought at an average cost of $164.34 per share, with a total value of $493,020.00. Following the acquisition, the director directly owned 3,742 shares of the company’s stock, valued at approximately $614,960.28. This represents a 404.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.88% of the stock is owned by company insiders.

Institutional Investors Weigh In On SPX Technologies

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

About SPX Technologies

SPX Technologies, Inc is a global supplier of engineered products and technologies, serving customers in markets that include commercial and residential buildings, infrastructure, and industrial applications. The company operates through its HVAC and Detection and Measurement businesses.

Its HVAC products include cooling towers, boilers, heating equipment, ventilation and air treatment systems, and related components. Its Detection and Measurement business provides technologies used to locate and inspect underground utilities, as well as communication and measurement products for specialized applications.

SPX Technologies sells products and services to customers around the world through a portfolio of established brands.