Robert W. Baird Upgrades SPX Technologies (NYSE:SPXC) to "Strong-Buy"

Key Points

• Robert W. Baird upgraded SPX Technologies to a “strong-buy” rating. MarketBeat’s analyst consensus remains “Moderate Buy,” with an average price target of $252.18.
• SPX Technologies reported quarterly EPS of $2.02, surpassing estimates of $1.85, while revenue reached $679 million—up 22.9% year over year and above expectations.
• The stock opened at $176.22, well below its 12-month high of $251.08, while institutional investors hold a substantial 92.82% of outstanding shares.

SPX Technologies (NYSE:SPXC - Get Free Report) was upgraded by equities research analysts at Robert W. Baird to a "strong-buy" rating in a report released on Monday, Zacks reports.

Several other analysts also recently issued reports on SPXC. Wells Fargo & Company reiterated an "overweight" rating and set a $250.00 price target on shares of SPX Technologies in a research note on Monday, August 3rd. Zacks Research downgraded shares of SPX Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Wolfe Research started coverage on SPX Technologies in a research report on Tuesday, September 15th. They issued an "outperform" rating and a $250.00 price objective for the company. Wall Street Zen upgraded shares of SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, Truist Financial lowered their price objective on SPX Technologies from $301.00 to $266.00 and set a "buy" rating on the stock in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $252.18.

SPX Technologies Stock Performance

Shares of SPX Technologies stock opened at $176.22 on Monday. The company has a quick ratio of 1.21, a current ratio of 1.82 and a debt-to-equity ratio of 0.23. The stock has a market cap of $8.83 billion, a PE ratio of 31.69, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24. The business has a fifty day simple moving average of $194.78 and a 200-day simple moving average of $209.19. SPX Technologies has a 12 month low of $166.17 and a 12 month high of $251.08.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $2.02 EPS for the quarter, beating analysts' consensus estimates of $1.85 by $0.17. SPX Technologies had a net margin of 11.27% and a return on equity of 16.53%. The firm had revenue of $679.00 million for the quarter, compared to the consensus estimate of $640.18 million. During the same period in the previous year, the firm posted $1.65 earnings per share. The firm's revenue was up 22.9% on a year-over-year basis. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. On average, sell-side analysts anticipate that SPX Technologies will post 8.48 EPS for the current fiscal year.

Institutional Investors Weigh In On SPX Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in SPXC. Renaissance Technologies LLC acquired a new position in SPX Technologies in the first quarter valued at about $1,000,000. Hsbc Holdings PLC lifted its stake in SPX Technologies by 181.2% in the second quarter. Hsbc Holdings PLC now owns 9,106 shares of the company's stock valued at $2,222,000 after buying an additional 5,868 shares in the last quarter. Amundi boosted its stake in SPX Technologies by 31.2% in the 2nd quarter. Amundi now owns 324,732 shares of the company's stock worth $79,645,000 after purchasing an additional 77,148 shares during the period. Squarepoint Ops LLC acquired a new position in shares of SPX Technologies during the second quarter worth about $14,194,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of SPX Technologies during the 2nd quarter worth approximately $4,903,000. Institutional investors own 92.82% of the company's stock.

SPX Technologies Company Profile

SPX Technologies, Inc is a diversified industrial technology company headquartered in Charlotte, North Carolina. The company designs, manufactures and services highly engineered products and solutions used by customers in the heating, ventilation and air-conditioning (HVAC), infrastructure and industrial markets.

SPX's HVAC businesses provide cooling towers, evaporative and air-cooled cooling systems, boilers, heat-transfer equipment, air-handling products and related services. Its brands include Marley, Recold, Weil-McLain, Patterson-Kelley, Berko and QMark.

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