SPX Technologies (NYSE:SPXC) Price Target Raised to $210.00

Key Points

• UBS Group raised SPX Technologies' price target to $210.00, reflecting a potential upside of 7.45% from its current price and maintaining a "buy" rating.
• SPX Technologies reported a 10.2% revenue increase year-over-year, with earnings per share beating estimates at $1.65 for the last quarter.
• The company has received multiple buy ratings from analysts, resulting in a consensus rating of "Buy" and an average target price of $195.20.

SPX Technologies (NYSE:SPXC - Get Free Report) had its target price lifted by research analysts at UBS Group from $182.00 to $210.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. UBS Group's target price suggests a potential upside of 7.45% from the company's current price.

SPXC has been the topic of several other reports. Oppenheimer increased their price objective on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. B. Riley assumed coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective for the company. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, SPX Technologies currently has a consensus rating of "Buy" and an average target price of $195.20.

SPX Technologies Stock Up 7.2%

NYSE:SPXC traded up $13.06 during midday trading on Friday, reaching $195.45. 284,462 shares of the stock traded hands, compared to its average volume of 286,439. SPX Technologies has a 12-month low of $115.00 and a 12-month high of $198.75. The business has a 50-day moving average of $165.69 and a two-hundred day moving average of $149.60. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.24 and a current ratio of 1.88. The stock has a market capitalization of $9.13 billion, a PE ratio of 45.55, a price-to-earnings-growth ratio of 1.59 and a beta of 1.24.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.20. SPX Technologies had a net margin of 10.13% and a return on equity of 19.67%. The business had revenue of $552.40 million for the quarter, compared to analyst estimates of $546.03 million. During the same quarter in the prior year, the business posted $1.42 EPS. SPX Technologies's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities analysts forecast that SPX Technologies will post 5.57 earnings per share for the current fiscal year.

Insider Transactions at SPX Technologies

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the transaction, the director directly owned 33,770 shares in the company, valued at approximately $5,167,147.70. This represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.32% of the company's stock.

Institutional Investors Weigh In On SPX Technologies

A number of large investors have recently added to or reduced their stakes in the business. Invesco Ltd. grew its stake in SPX Technologies by 3.4% in the 4th quarter. Invesco Ltd. now owns 1,150,781 shares of the company's stock valued at $167,462,000 after acquiring an additional 37,468 shares during the last quarter. Conestoga Capital Advisors LLC grew its stake in SPX Technologies by 1.4% in the 1st quarter. Conestoga Capital Advisors LLC now owns 799,195 shares of the company's stock valued at $102,920,000 after acquiring an additional 11,400 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in SPX Technologies by 3.9% in the 4th quarter. Janus Henderson Group PLC now owns 723,708 shares of the company's stock valued at $105,321,000 after purchasing an additional 26,995 shares in the last quarter. FMR LLC lifted its holdings in SPX Technologies by 8.5% in the 4th quarter. FMR LLC now owns 718,298 shares of the company's stock valued at $104,527,000 after purchasing an additional 56,175 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in SPX Technologies by 1.7% in the 4th quarter. Nuveen Asset Management LLC now owns 705,843 shares of the company's stock valued at $102,714,000 after purchasing an additional 11,771 shares in the last quarter. 92.82% of the stock is owned by institutional investors and hedge funds.

SPX Technologies Company Profile

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.

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