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

StockNews.com upgraded shares of SPX Technologies (NYSE:SPXC) from a hold rating to a buy rating in a research report report published on Friday morning.

Several other equities research analysts have also recently commented on the company. UBS Group increased their price target on SPX Technologies from $90.00 to $126.00 and gave the company 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 company an outperform rating in a report on Friday.

SPX Technologies Stock Up 7.4 %

Shares of SPXC opened at $130.94 on Friday. SPX Technologies has a 52 week low of $61.09 and a 52 week high of $132.79. 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 company has a market capitalization of $6.06 billion, a price-to-earnings ratio of 63.87, a PEG ratio of 1.35 and a beta of 1.24. The stock’s 50-day moving average price is $118.99 and its 200-day moving average price is $103.28.

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

Insider Activity at SPX Technologies

In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the firm’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 owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the transaction, the chief executive officer now directly owns 597,936 shares in the company, valued at $69,049,649.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider John William Swann III sold 32,325 shares of SPX Technologies stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value 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. Over the last 90 days, insiders sold 94,373 shares of company stock valued at $10,962,146. 3.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SPXC. Texas Permanent School Fund Corp raised its stake in SPX Technologies by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 39,951 shares of the company’s stock valued at $4,919,000 after buying an additional 518 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in SPX Technologies in the first quarter valued at $1,522,000. Nordea Investment Management AB increased its position in shares of SPX Technologies by 160.6% during the first quarter. Nordea Investment Management AB now owns 382,490 shares of the company’s stock worth $47,069,000 after purchasing an additional 235,720 shares in the last quarter. Palisade Asset Management LLC acquired a new stake in shares of SPX Technologies during the first quarter worth about $74,000. Finally, Capstone Investment Advisors LLC acquired a new stake in shares of SPX Technologies during the first quarter worth about $280,000. 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.