SPX Technologies (NYSE:SPXC) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded SPX Technologies from “buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with a $248.09 average price target.
• SPX Technologies opened at $169.44, near its 12-month low of $166.17, and is trading below its 50-day and 200-day moving averages after several analysts reduced their price targets.
• The company reported quarterly EPS of $2.02, beating estimates of $1.85, while revenue rose 22.9% year over year to $679 million; institutional investors own approximately 92.82% of its shares.

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

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $250.00 price objective on shares of SPX Technologies in a research report on Monday, August 3rd. Truist Financial cut their target price on SPX Technologies from $301.00 to $266.00 and set a "buy" rating on the stock in a report on Monday. JPMorgan Chase & Co. dropped their target price on SPX Technologies from $282.00 to $225.00 and set an "overweight" rating on the stock in a report on Friday. Wolfe Research began coverage on shares of SPX Technologies in a report on Tuesday, September 15th. They set an "outperform" rating and a $250.00 price target on the stock. Finally, Weiss Ratings lowered shares of SPX Technologies from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, SPX Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $248.09.

SPX Technologies Trading Up 0.5%

SPXC opened at $169.44 on Friday. The stock has a market capitalization of $8.49 billion, a price-to-earnings ratio of 30.48, a P/E/G ratio of 1.10 and a beta of 1.24. The company has a quick ratio of 1.21, a current ratio of 1.82 and a debt-to-equity ratio of 0.23. SPX Technologies has a twelve month low of $166.17 and a twelve month high of $251.08. The company has a 50-day simple moving average of $192.82 and a 200 day simple moving average of $208.57.

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

Hedge Funds Weigh In On SPX Technologies

A number of institutional investors have recently bought and sold shares of the stock. Fifth Third Wealth Advisors LLC increased its stake in shares of SPX Technologies by 4.4% in the first quarter. Fifth Third Wealth Advisors LLC now owns 1,431 shares of the company's stock worth $286,000 after acquiring an additional 60 shares during the period. Compound Planning Inc. lifted its position in shares of SPX Technologies by 4.3% in the first quarter. Compound Planning Inc. now owns 1,625 shares of the company's stock valued at $325,000 after acquiring an additional 67 shares in the last quarter. Parallel Advisors LLC raised its holdings in SPX Technologies by 38.1% in the 1st quarter. Parallel Advisors LLC now owns 312 shares of the company's stock valued at $62,000 after acquiring an additional 86 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in SPX Technologies by 24.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 557 shares of the company's stock worth $111,000 after purchasing an additional 110 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in SPX Technologies by 9.6% during the third quarter. Farther Finance Advisors LLC now owns 1,259 shares of the company's stock worth $213,000 after acquiring an additional 110 shares during the last quarter. 92.82% of the stock is owned by institutional investors.

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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