SPX Technologies (NYSE:SPXC) Rating Increased to Buy at UBS Group

SPX Technologies (NYSE:SPXC - Get Free Report) was upgraded by equities researchers at UBS Group from a "neutral" rating to a "buy" rating in a research note issued to investors on Monday, Marketbeat reports. The brokerage currently has a $182.00 price target on the stock, up from their previous price target of $160.00. UBS Group's price objective would suggest a potential upside of 16.12% from the stock's previous close.

Several other equities research analysts also recently weighed in on the company. Sidoti upgraded SPX Technologies from a "neutral" rating to a "buy" rating in a report on Wednesday, February 26th. B. Riley assumed coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 target price on the stock. Finally, Oppenheimer raised SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price objective for the company in a research report on Wednesday, February 26th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $183.20.

SPX Technologies Stock Performance

SPX Technologies stock traded up $0.21 during mid-day trading on Monday, reaching $156.74. 54,013 shares of the stock traded hands, compared to its average volume of 277,761. The business's 50-day moving average is $140.69 and its 200-day moving average is $146.44. SPX Technologies has a 12-month low of $115.00 and a 12-month high of $183.83. 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 stock has a market capitalization of $7.32 billion, a PE ratio of 42.13, a price-to-earnings-growth ratio of 1.33 and a beta of 1.21.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, topping 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 firm had revenue of $482.60 million during the quarter, compared to analyst estimates of $481.32 million. During the same quarter in the prior year, the company posted $1.25 earnings per share. The business's quarterly revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts predict that SPX Technologies will post 5.57 EPS for the current fiscal year.

Insider Activity at SPX Technologies

In other news, Director Rick D. Puckett sold 6,823 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $153.01, for a total value of $1,043,987.23. Following the completion of the sale, the director now directly owns 33,770 shares in the company, valued at $5,167,147.70. The trade was a 16.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On SPX Technologies

Several large investors have recently bought and sold shares of the company. Strs Ohio purchased a new stake in shares of SPX Technologies in the first quarter valued at approximately $1,481,000. Intech Investment Management LLC boosted its stake in SPX Technologies by 37.6% during the first quarter. Intech Investment Management LLC now owns 33,443 shares of the company's stock worth $4,307,000 after buying an additional 9,146 shares during the last quarter. Bayforest Capital Ltd boosted its stake in SPX Technologies by 241.2% during the first quarter. Bayforest Capital Ltd now owns 2,320 shares of the company's stock worth $299,000 after buying an additional 1,640 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in SPX Technologies by 1.8% during the first 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 during the last quarter. Finally, United Services Automobile Association acquired a new position in SPX Technologies during the first quarter worth $400,000. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

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.