SPX Technologies (NYSE:SPXC) Raised to Buy at Bank of America

SPX Technologies (NYSE:SPXC) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a $280.00 target price on the stock, up from their prior target price of $240.00. Bank of America‘s target price would suggest a potential upside of 21.28% from the stock’s current price.

Other equities analysts have also issued reports about the stock. B. Riley Financial reaffirmed a “buy” rating and set a $244.00 price target (up from $225.00) on shares of SPX Technologies in a research report on Wednesday, December 10th. Truist Financial increased their target price on shares of SPX Technologies from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Thursday, December 18th. Weiss Ratings reiterated a “buy (b)” rating on shares of SPX Technologies in a research report on Monday, December 29th. TD Cowen reiterated a “hold” rating on shares of SPX Technologies in a research note on Tuesday, January 6th. Finally, Wall Street Zen upgraded SPX Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.29.

SPX Technologies Stock Down 1.1%

SPXC stock opened at $230.87 on Friday. SPX Technologies has a fifty-two week low of $115.00 and a fifty-two week high of $240.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.47 and a quick ratio of 1.70. The stock has a market capitalization of $11.51 billion, a price-to-earnings ratio of 49.44, a PEG ratio of 1.95 and a beta of 1.32. The business’s fifty day moving average price is $212.82 and its two-hundred day moving average price is $201.56.

Insider Buying and Selling at SPX Technologies

In other news, insider John William Swann III sold 38,755 shares of the business’s stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $206.07, for a total transaction of $7,986,242.85. Following the completion of the transaction, the insider owned 64,266 shares of the company’s stock, valued at approximately $13,243,294.62. The trade was a 37.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider J Randall Data sold 12,000 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $215.37, for a total value of $2,584,440.00. Following the sale, the insider owned 38,020 shares of the company’s stock, valued at approximately $8,188,367.40. This represents a 23.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

A number of hedge funds have recently made changes to their positions in SPXC. Hantz Financial Services Inc. increased its position in SPX Technologies by 21.4% during the 4th quarter. Hantz Financial Services Inc. now owns 255 shares of the company’s stock worth $51,000 after purchasing an additional 45 shares in the last quarter. Lido Advisors LLC boosted its position in SPX Technologies by 1.6% in the fourth quarter. Lido Advisors LLC now owns 3,104 shares of the company’s stock valued at $586,000 after buying an additional 50 shares in the last quarter. Cullen Frost Bankers Inc. grew its stake in shares of SPX Technologies by 52.9% during the third quarter. Cullen Frost Bankers Inc. now owns 156 shares of the company’s stock worth $29,000 after buying an additional 54 shares during the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of SPX Technologies by 1.2% during the second quarter. Ameritas Investment Partners Inc. now owns 4,661 shares of the company’s stock worth $782,000 after buying an additional 56 shares in the last quarter. Finally, Intrust Bank NA increased its holdings in shares of SPX Technologies by 3.6% during the fourth quarter. Intrust Bank NA now owns 1,660 shares of the company’s stock worth $332,000 after buying an additional 58 shares in the last quarter. 92.82% of the stock is currently owned by institutional investors and hedge funds.

SPX Technologies Company Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.