Oppenheimer Issues Pessimistic Forecast for SPX Technologies (NYSE:SPXC) Stock Price

Key Points

• Oppenheimer lowered its SPX Technologies price target to $260 from $265 while maintaining an “outperform” rating, implying 62.8% upside from the prior close.
• Analyst sentiment remains favorable overall: SPX Technologies has a “Moderate Buy” consensus rating and an average price target of $240.36, despite several recent target reductions.
• SPX Technologies recently exceeded quarterly expectations, reporting $2.21 in EPS versus the $2.12 consensus and 20.5% year-over-year revenue growth; institutional investors own 92.82% of the stock.

SPX Technologies (NYSE:SPXC - Get Free Report) had its price target lowered by stock analysts at Oppenheimer from $265.00 to $260.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's target price would suggest a potential upside of 62.80% from the stock's previous close.

A number of other analysts have also recently commented on the company. B. Riley Financial dropped their price target on SPX Technologies from $285.00 to $250.00 and set a "buy" rating on the stock in a research report on Monday, October 26th. Truist Financial reissued a "buy" rating and issued a $233.00 price objective (down from $266.00) on shares of SPX Technologies in a research note on Monday. Wolfe Research initiated coverage on SPX Technologies in a research report on Tuesday, September 15th. They issued an "outperform" rating and a $250.00 price target for the company. Weiss Ratings lowered SPX Technologies from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, September 21st. Finally, Wall Street Zen raised shares of SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, SPX Technologies has a consensus rating of "Moderate Buy" and an average target price of $240.36.

SPX Technologies Stock Performance

SPXC traded down $0.24 during trading hours on Monday, hitting $159.71. The stock had a trading volume of 286,407 shares, compared to its average volume of 575,035. The stock has a market cap of $8.00 billion, a PE ratio of 27.12, a price-to-earnings-growth ratio of 1.04 and a beta of 1.26. The company has a quick ratio of 1.17, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company's fifty day simple moving average is $178.60 and its 200 day simple moving average is $207.51. SPX Technologies has a 1 year low of $148.17 and a 1 year high of $251.08.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The company reported $2.21 earnings per share for the quarter, beating analysts' consensus estimates of $2.12 by $0.09. The business had revenue of $714.50 million during the quarter, compared to analyst estimates of $710.38 million. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. SPX Technologies's revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.84 EPS. Equities analysts anticipate that SPX Technologies will post 8.43 earnings per share for the current year.

Hedge Funds Weigh In On SPX Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd lifted its holdings in shares of SPX Technologies by 1,063.0% during the 3rd quarter. Covestor Ltd now owns 2,233 shares of the company's stock valued at $379,000 after buying an additional 2,041 shares during the last quarter. Provenance Wealth Advisors LLC acquired a new position in SPX Technologies in the third quarter valued at about $354,000. VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in shares of SPX Technologies by 81.8% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,000 shares of the company's stock worth $1,017,000 after acquiring an additional 2,700 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in shares of SPX Technologies by 13.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 7,332 shares of the company's stock worth $1,243,000 after acquiring an additional 855 shares in the last quarter. Finally, Segment Wealth Management LLC grew its stake in shares of SPX Technologies by 18.3% in the third quarter. Segment Wealth Management LLC now owns 12,025 shares of the company's stock valued at $2,039,000 after buying an additional 1,858 shares in the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

About SPX Technologies

SPX Technologies, Inc NYSE: SPXC is a diversified industrial technology company that develops and manufactures engineered products and solutions for the heating, ventilation, air conditioning and infrastructure markets. The company serves commercial, industrial and residential customers through specialized technologies designed to support building climate control, utility infrastructure and related applications.

SPX Technologies operates through two primary business segments: HVAC and Detection & Measurement.

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