Oppenheimer Raises SPX Technologies (NYSE:SPXC) Price Target to $140.00

SPX Technologies (NYSE:SPXC) had its price objective hoisted by Oppenheimer from $134.00 to $140.00 in a research report sent to investors on Friday, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research firms have also recently issued reports on SPXC. UBS Group raised their target price on shares of SPX Technologies from $90.00 to $126.00 and gave the stock a neutral rating in a research note on Wednesday, March 27th. StockNews.com lowered SPX Technologies from a buy rating to a hold rating in a research note on Friday, March 15th.

SPX Technologies Stock Up 2.5 %

Shares of NYSE SPXC traded up $3.33 during trading hours on Friday, hitting $134.27. The company had a trading volume of 439,639 shares, compared to its average volume of 239,471. The company has a quick ratio of 0.70, a current ratio of 1.12 and a debt-to-equity ratio of 0.42. The firm’s 50 day moving average is $118.99 and its 200-day moving average is $103.28. SPX Technologies has a 1-year low of $70.84 and a 1-year high of $135.90. The stock has a market capitalization of $6.21 billion, a P/E ratio of 63.87, a price-to-earnings-growth ratio of 1.35 and a beta of 1.24.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.19. SPX Technologies had a net margin of 5.32% and a return on equity of 18.18%. The company had revenue of $465.20 million for the quarter, compared to analyst estimates of $454.05 million. During the same period in the previous year, the business earned $0.93 EPS. SPX Technologies’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, analysts expect that SPX Technologies will post 5.38 earnings per share for the current fiscal year.

Insider Activity at SPX Technologies

In other 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were 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 owns 667,045 shares in the company, valued at approximately $76,936,970.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider John William Swann III sold 32,325 shares of the company’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 completion of the transaction, the insider now owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The disclosure for this sale can be found here. Insiders have sold 94,373 shares of company stock valued at $10,962,146 over the last ninety days. 3.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Knights of Columbus Asset Advisors LLC lifted its position in shares of SPX Technologies by 240.3% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 59,531 shares of the company’s stock valued at $6,013,000 after acquiring an additional 42,039 shares during the period. Raymond James & Associates raised its stake in shares of SPX Technologies by 153.2% in the fourth quarter. Raymond James & Associates now owns 24,895 shares of the company’s stock worth $2,515,000 after purchasing an additional 15,063 shares during the last quarter. Louisiana State Employees Retirement System purchased a new stake in SPX Technologies in the 4th quarter valued at $2,303,000. FMR LLC lifted its position in shares of SPX Technologies by 23.0% during the third quarter. FMR LLC now owns 1,338,942 shares of the company’s stock valued at $108,990,000 after purchasing an additional 250,494 shares in the last quarter. Finally, Sei Investments Co. lifted its position in shares of SPX Technologies by 16.7% during the 3rd quarter. Sei Investments Co. now owns 162,586 shares of the company’s stock worth $13,235,000 after buying an additional 23,287 shares in the last quarter. 92.82% of the stock is 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.