Truist Financial Reaffirms Buy Rating for SPX Technologies (NYSE:SPXC)

Key Points

• Truist Financial reaffirmed its “buy” rating on SPX Technologies but lowered its price target from $266 to $233, implying approximately 44.65% upside from the reported share price.
• Analyst sentiment remains broadly positive: SPX Technologies has a consensus “Moderate Buy” rating and an average price target of $240.82, based on one Strong Buy, eleven Buys, and two Holds.
• SPX Technologies exceeded quarterly expectations, reporting $2.21 in EPS and $714.5 million in revenue, with revenue rising 20.5% year over year; institutional investors own 92.82% of the stock.

SPX Technologies (NYSE:SPXC - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Truist Financial in a research note issued to investors on Monday, Benzinga reports. They presently have a $233.00 price objective on the stock, down from their previous price objective of $266.00. Truist Financial's target price would suggest a potential upside of 44.65% from the stock's current price.

A number of other equities research analysts have also weighed in on the stock. Zacks Research lowered shares of SPX Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Robert W. Baird assumed coverage on shares of SPX Technologies in a report on Monday, October 5th. They set an "outperform" rating and a $220.00 target price on the stock. Weiss Ratings cut shares of SPX Technologies from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, September 21st. Wolfe Research assumed coverage on shares of SPX Technologies in a research note on Tuesday, September 15th. They issued an "outperform" rating and a $250.00 price target for the company. Finally, Oppenheimer cut their price target on shares of SPX Technologies from $270.00 to $265.00 and set an "outperform" rating for the company in a research report on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $240.82.

SPX Technologies Price Performance

Shares of NYSE SPXC traded up $1.13 during trading hours on Monday, reaching $161.08. 183,883 shares of the stock traded hands, compared to its average volume of 574,747. The company has a market capitalization of $8.07 billion, a P/E ratio of 27.34, 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. SPX Technologies has a 52-week low of $148.17 and a 52-week high of $251.08. The company's 50-day simple moving average is $178.60 and its two-hundred day simple moving average is $207.51.

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

Institutional Trading of SPX Technologies

Several institutional investors have recently added to or reduced their stakes in SPXC. Group One Trading LLC purchased a new stake in SPX Technologies during the second quarter valued at $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of SPX Technologies in the second quarter worth about $47,000. Summit Securities Group LLC purchased a new stake in SPX Technologies during the 1st quarter valued at approximately $51,000. Harbor Investment Advisory LLC bought a new stake in SPX Technologies in the 2nd quarter valued at $70,000. Finally, Allworth Financial LP bought a new stake in shares of SPX Technologies in the second quarter worth about $70,000. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

SPX Technologies Company Profile

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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