SPX Technologies (NYSE:SPXC) Stock Price Expected to Rise, Oppenheimer Analyst Says

SPX Technologies (NYSE:SPXC - Free Report) had its price target lifted by Oppenheimer from $170.00 to $197.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

SPXC has been the topic of several other reports. UBS Group upgraded shares of SPX Technologies from a "neutral" rating to a "buy" rating and increased their target price for the stock from $160.00 to $182.00 in a report on Monday, June 2nd. B. Riley started 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 equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, SPX Technologies currently has an average rating of "Buy" and a consensus price target of $189.60.

SPX Technologies Trading Down 0.7%

NYSE SPXC traded down $1.13 during trading hours on Tuesday, hitting $171.95. The company's stock had a trading volume of 93,713 shares, compared to its average volume of 274,683. The stock has a fifty day moving average of $158.14 and a 200 day moving average of $146.26. SPX Technologies has a twelve month low of $115.00 and a twelve month high of $183.83. The firm has a market capitalization of $8.03 billion, a P/E ratio of 40.13, a PEG ratio of 1.52 and a beta of 1.24. The company has a quick ratio of 1.24, a current ratio of 1.88 and a debt-to-equity ratio of 0.60.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.22. The business had revenue of $482.60 million for the quarter, compared to analyst estimates of $481.32 million. SPX Technologies had a net margin of 10.13% and a return on equity of 19.67%. SPX Technologies's revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 earnings per share. Equities research analysts forecast that SPX Technologies will post 5.57 earnings per share for the current fiscal year.

Insider Activity at SPX Technologies

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

Institutional Trading of SPX Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System grew its position in shares of SPX Technologies by 0.9% during the 4th quarter. Arizona State Retirement System now owns 13,436 shares of the company's stock worth $1,955,000 after purchasing an additional 123 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of SPX Technologies during the 4th quarter worth approximately $32,337,000. Amundi grew its position in shares of SPX Technologies by 106.8% during the 4th quarter. Amundi now owns 29,051 shares of the company's stock worth $4,160,000 after purchasing an additional 15,006 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of SPX Technologies by 18.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,362 shares of the company's stock worth $1,799,000 after acquiring an additional 1,957 shares in the last quarter. Finally, Wealthfront Advisers LLC acquired a new stake in shares of SPX Technologies during the 4th quarter worth approximately $2,891,000. 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.