SPX Technologies (NYSE:SPXC) Receives "Buy" Rating from Truist Financial

Key Points

• Truist Financial reiterated its “Buy” rating on SPX Technologies and raised its price target from $295 to $301, implying 39.51% upside from the previous close.
• Analyst sentiment remains favorable, with nine Buy ratings and one Hold rating, resulting in a consensus “Moderate Buy” rating and an average price target of $266.67.
• SPX Technologies exceeded quarterly expectations, reporting $2.02 in earnings per share versus $1.85 expected and $679 million in revenue, up 22.9% year over year; institutional investors own 92.82% of its shares.

SPX Technologies (NYSE:SPXC - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Truist Financial in a note issued to investors on Monday,Benzinga reports. They presently have a $301.00 price objective on the stock, up from their previous price objective of $295.00. Truist Financial's price objective suggests a potential upside of 39.51% from the company's previous close.

Several other analysts have also commented on SPXC. Wolfe Research reaffirmed an "outperform" rating and set a $266.00 target price on shares of SPX Technologies in a report on Thursday, July 9th. Wall Street Zen downgraded SPX Technologies from a "buy" rating to a "hold" rating in a report on Sunday, May 10th. Oppenheimer restated an "outperform" rating and issued a $280.00 price objective (up from $272.00) on shares of SPX Technologies in a research report on Monday, July 20th. JPMorgan Chase & Co. raised their price objective on shares of SPX Technologies from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Finally, B. Riley Financial lifted their target price on shares of SPX Technologies from $280.00 to $285.00 and gave the company a "buy" rating in a report on Friday. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $266.67.

SPX Technologies Stock Performance

NYSE:SPXC traded down $3.87 during mid-day trading on Monday, hitting $215.75. The company's stock had a trading volume of 42,698 shares, compared to its average volume of 578,025. SPX Technologies has a 1 year low of $179.62 and a 1 year high of $251.08. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.82 and a quick ratio of 1.21. The stock has a market cap of $10.80 billion, a price-to-earnings ratio of 38.86, a PEG ratio of 1.55 and a beta of 1.27. The business's fifty day moving average is $224.63 and its two-hundred day moving average is $217.67.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $2.02 earnings per share for the quarter, beating analysts' consensus estimates of $1.85 by $0.17. The business had revenue of $679.00 million during 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 was up 22.9% on a year-over-year basis. During the same quarter last year, the business posted $1.65 EPS. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. Analysts anticipate that SPX Technologies will post 8.34 EPS for the current fiscal year.

Hedge Funds Weigh In On SPX Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Invesco Ltd. boosted its position in SPX Technologies by 62.4% during the third quarter. Invesco Ltd. now owns 1,879,216 shares of the company's stock worth $351,000,000 after purchasing an additional 722,039 shares in the last quarter. Capital International Investors purchased a new stake in shares of SPX Technologies in the fourth quarter valued at approximately $307,494,000. First Trust Advisors LP raised its stake in shares of SPX Technologies by 181.4% during the 1st quarter. First Trust Advisors LP now owns 1,362,871 shares of the company's stock worth $272,492,000 after buying an additional 878,494 shares during the period. Geode Capital Management LLC raised its stake in shares of SPX Technologies by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 1,213,809 shares of the company's stock worth $242,874,000 after buying an additional 63,889 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of SPX Technologies by 7.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,176,481 shares of the company's stock valued at $235,368,000 after buying an additional 84,117 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company's stock.

About SPX Technologies

SPX Technologies NYSE: SPXC is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company's Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.

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