SPX Technologies (NYSE:SPXC) Stock Rating Upgraded by StockNews.com

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

Other equities analysts have also issued reports about the company. UBS Group increased their price objective on SPX Technologies from $90.00 to $126.00 and gave the stock a “neutral” rating in a report on Wednesday, March 27th. Oppenheimer increased their price target on SPX Technologies from $134.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday.

SPX Technologies Stock Performance

Shares of SPXC traded up $9.05 during midday trading on Friday, hitting $131.00. 626,305 shares of the stock traded hands, compared to its average volume of 237,143. The business’s 50 day moving average price is $118.55 and its two-hundred day moving average price is $102.62. The firm has a market capitalization of $6.06 billion, a PE ratio of 68.23, a price-to-earnings-growth ratio of 1.34 and a beta of 1.24. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77. SPX Technologies has a 1-year low of $61.09 and a 1-year high of $132.79.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.19. SPX Technologies had a net margin of 5.16% and a return on equity of 17.30%. The firm had revenue of $465.20 million for the quarter, compared to the consensus estimate of $454.05 million. During the same period last year, the firm posted $0.93 EPS. SPX Technologies’s quarterly revenue was up 16.4% compared to the same quarter last year. Equities research analysts predict that SPX Technologies will post 5.05 EPS for the current fiscal year.

Insider Transactions at SPX Technologies

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Knights of Columbus Asset Advisors LLC boosted its position in shares of SPX Technologies by 240.3% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 59,531 shares of the company’s stock worth $6,013,000 after buying an additional 42,039 shares during the period. Raymond James & Associates grew its stake in SPX Technologies by 153.2% during the 4th quarter. Raymond James & Associates now owns 24,895 shares of the company’s stock valued at $2,515,000 after acquiring an additional 15,063 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of SPX Technologies in the 4th quarter valued at about $2,303,000. FMR LLC lifted its position in shares of SPX Technologies by 23.0% in the third quarter. FMR LLC now owns 1,338,942 shares of the company’s stock worth $108,990,000 after purchasing an additional 250,494 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of SPX Technologies by 16.7% during the third quarter. Sei Investments Co. now owns 162,586 shares of the company’s stock worth $13,235,000 after purchasing an additional 23,287 shares during the period. 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.