SPX Technologies (NYSE:SPXC) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded SPX Technologies from “Buy” to “Hold.” Other firms also recently shifted to Hold, though MarketBeat’s overall analyst consensus remains “Moderate Buy,” with an average price target of $240.36.
• SPX Technologies reported quarterly EPS of $2.21, above the $2.12 consensus, and revenue of $714.5 million, also ahead of estimates. Revenue grew 20.5% year over year.
• The shares opened at $142.46, below their 50-day average of $173.38 and 52-week high of $251.08. Director Brian A. Deck purchased 3,000 shares at an average price of $164.34.

SPX Technologies (NYSE:SPXC - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Sunday, Wall Street Zen reports.

Several other research firms have also recently weighed in on SPXC. B. Riley Financial reduced their price target on SPX Technologies from $285.00 to $250.00 and set a "buy" rating on the stock in a report on Monday, October 26th. Zacks Research downgraded SPX Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 2nd. Weiss Ratings lowered shares of SPX Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday. Robert W. Baird began coverage on shares of SPX Technologies in a research report on Monday, October 5th. They set an "outperform" rating and a $220.00 target price on the stock. Finally, Vertical Research started coverage on shares of SPX Technologies in a research report on Monday, September 28th. They set a "buy" rating and a $215.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, SPX Technologies has an average rating of "Moderate Buy" and an average target price of $240.36.

SPX Technologies Stock Performance

NYSE SPXC opened at $142.46 on Friday. The firm's fifty day moving average price is $173.38 and its two-hundred day moving average price is $205.96. The stock has a market cap of $7.14 billion, a PE ratio of 24.15, a PEG ratio of 0.94 and a beta of 1.26. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.84. SPX Technologies has a fifty-two week low of $137.86 and a fifty-two week high of $251.08.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The company reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.12 by $0.09. The company had revenue of $714.50 million during the quarter, compared to analysts' expectations of $710.38 million. SPX Technologies had a return on equity of 16.96% and a net margin of 11.48%. SPX Technologies's revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.84 EPS. On average, equities analysts expect that SPX Technologies will post 8.39 EPS for the current fiscal year.

Insider Transactions at SPX Technologies

In related news, Director Brian A. Deck purchased 3,000 shares of SPX Technologies stock in a transaction on Tuesday, November 3rd. The stock was acquired at an average cost of $164.34 per share, for a total transaction of $493,020.00. Following the completion of the acquisition, the director owned 3,742 shares of the company's stock, valued at $614,960.28. This trade represents a 404.31% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SPX Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Compound Planning Inc. raised its holdings in SPX Technologies by 4.3% in the first quarter. Compound Planning Inc. now owns 1,625 shares of the company's stock worth $325,000 after buying an additional 67 shares during the last quarter. Lido Advisors LLC lifted its stake in shares of SPX Technologies by 2.5% in the third quarter. Lido Advisors LLC now owns 3,122 shares of the company's stock worth $529,000 after buying an additional 76 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of SPX Technologies by 38.1% during the first quarter. Parallel Advisors LLC now owns 312 shares of the company's stock valued at $62,000 after buying an additional 86 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of SPX Technologies by 9.6% during the third quarter. Farther Finance Advisors LLC now owns 1,259 shares of the company's stock valued at $213,000 after buying an additional 110 shares during the last quarter. Finally, Group One Trading LLC purchased a new stake in shares of SPX Technologies during the second quarter valued at approximately $32,000. Institutional investors own 92.82% of the company's stock.

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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