SPX Technologies (NYSE:SPXC) Upgraded at UBS Group

SPX Technologies (NYSE:SPXC - Get Free Report) was upgraded by investment analysts at UBS Group from a "neutral" rating to a "buy" rating in a research report issued on Monday, MarketBeat Ratings reports. The brokerage presently has a $182.00 price objective on the stock, up from their previous price objective of $160.00. UBS Group's target price indicates a potential upside of 14.98% from the company's previous close.

A number of other brokerages have also recently commented on SPXC. B. Riley initiated coverage on SPX Technologies in a report on Thursday, May 15th. They issued a "buy" rating and a $195.00 target price for the company. Oppenheimer raised SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 target price on the stock in a research report on Wednesday, February 26th. Finally, Sidoti raised SPX Technologies from a "neutral" rating to a "buy" rating in a report on Wednesday, February 26th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $183.20.

SPX Technologies Stock Performance

Shares of NYSE SPXC traded up $3.21 during mid-day trading on Monday, reaching $158.29. 234,552 shares of the company's stock were exchanged, compared to its average volume of 278,764. SPX Technologies has a 52 week low of $115.00 and a 52 week high of $183.83. The firm has a 50-day moving average price of $139.67 and a two-hundred day moving average price of $146.28. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19. The firm has a market capitalization of $7.39 billion, a price-to-earnings ratio of 42.55, a price-to-earnings-growth ratio of 1.33 and a beta of 1.21.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.16 by $0.22. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The company had revenue of $482.60 million for the quarter, compared to the consensus estimate of $481.32 million. During the same quarter in the previous year, the business earned $1.25 EPS. SPX Technologies's revenue was up 3.7% compared to the same quarter last year. Analysts predict that SPX Technologies will post 5.57 EPS for the current year.

Insider Buying and Selling

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the transaction, the director now owns 33,770 shares of the company's stock, valued at $5,167,147.70. The trade was a 16.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.32% of the company's stock.

Institutional Trading of SPX Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Strs Ohio bought a new stake in shares of SPX Technologies during the first quarter worth $1,481,000. Intech Investment Management LLC lifted its position in shares of SPX Technologies by 37.6% in the first quarter. Intech Investment Management LLC now owns 33,443 shares of the company's stock valued at $4,307,000 after buying an additional 9,146 shares during the last quarter. Bayforest Capital Ltd raised its holdings in SPX Technologies by 241.2% in the 1st quarter. Bayforest Capital Ltd now owns 2,320 shares of the company's stock valued at $299,000 after acquiring an additional 1,640 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of SPX Technologies by 1.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 192,129 shares of the company's stock worth $24,742,000 after buying an additional 3,353 shares in the last quarter. Finally, United Services Automobile Association bought a new stake in SPX Technologies during the 1st quarter worth $400,000. 92.82% of the stock is currently owned by institutional investors.

About SPX Technologies

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.