SPX Technologies (NYSE:SPXC) Receives "Hold (C+)" Rating from Weiss Ratings

Key Points

• Weiss Ratings has reiterated a "Hold (C+)" rating for SPX Technologies, indicating a cautious stance on the stock's performance.
• SPX Technologies reported a 10.2% increase in revenue compared to the same quarter last year, with earnings per share surpassing analysts' expectations.
• Several institutional investors have recently adjusted their stakes in SPX Technologies, raising their ownership to 92.82% of the company's stock.

SPX Technologies (NYSE:SPXC - Get Free Report)'s stock had its "hold (c+)" rating reiterated by Weiss Ratings in a research note issued on Friday,Weiss Ratings reports.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen downgraded SPX Technologies from a "buy" rating to a "hold" rating in a report on Friday, October 3rd. Wells Fargo & Company assumed coverage on SPX Technologies in a report on Tuesday, October 14th. They issued an "overweight" rating and a $205.00 target price for the company. Oppenheimer raised their target price on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. UBS Group raised their target price on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Truist Financial assumed coverage on SPX Technologies in a report on Monday. They issued a "hold" rating and a $209.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $199.00.

SPX Technologies Stock Performance

Shares of SPXC opened at $194.58 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62. The firm has a market cap of $9.10 billion, a PE ratio of 43.73, a price-to-earnings-growth ratio of 1.95 and a beta of 1.37. The company's 50 day simple moving average is $187.25 and its 200-day simple moving average is $169.50. SPX Technologies has a 12-month low of $115.00 and a 12-month high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.20. The business had revenue of $552.40 million for the quarter, compared to analyst estimates of $546.03 million. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The company's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm posted $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. As a group, equities analysts predict that SPX Technologies will post 5.57 EPS for the current year.

Institutional Trading of SPX Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. grew its holdings in SPX Technologies by 22.3% in the 2nd quarter. Invesco Ltd. now owns 1,157,177 shares of the company's stock valued at $194,035,000 after buying an additional 210,682 shares during the period. Geode Capital Management LLC grew its holdings in SPX Technologies by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,086,522 shares of the company's stock valued at $182,211,000 after buying an additional 17,735 shares during the period. Nuveen LLC purchased a new stake in SPX Technologies in the 1st quarter valued at about $88,852,000. Charles Schwab Investment Management Inc. grew its holdings in SPX Technologies by 2.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 650,803 shares of the company's stock valued at $109,127,000 after buying an additional 14,941 shares during the period. Finally, Norges Bank purchased a new stake in SPX Technologies in the 2nd quarter valued at about $97,223,000. Hedge funds and other institutional investors own 92.82% of the company's stock.

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.

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