SPX Technologies (NYSE:SPXC) Earns Overweight Rating from Analysts at Wells Fargo & Company

Key Points

• SPX Technologies received an "overweight" rating from Wells Fargo & Company, with a price target of $205.00, indicating a potential upside of 10.39% based on recent stock performance.
• The company reported earnings of $1.65 per share, surpassing analyst expectations, while revenue increased by 10.2% year-over-year during its last quarterly report.
• A significant portion of SPX Technologies’ stock, approximately 92.82%, is owned by institutional investors, highlighting strong market confidence in the company.

Equities research analysts at Wells Fargo & Company initiated coverage on shares of SPX Technologies (NYSE:SPXC - Get Free Report) in a report issued on Tuesday, MarketBeat reports. The brokerage set an "overweight" rating and a $205.00 price target on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 10.39% from the stock's previous close.

A number of other equities analysts have also weighed in on the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of SPX Technologies in a research note on Wednesday, October 8th. Wall Street Zen lowered SPX Technologies from a "buy" rating to a "hold" rating in a research note on Friday, October 3rd. Oppenheimer lifted their price objective on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Bank of America started coverage on SPX Technologies in a research note on Wednesday, October 8th. They issued a "neutral" rating and a $202.00 price target for the company. Finally, UBS Group lifted their price target on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $197.57.

SPX Technologies Stock Performance

Shares of SPXC opened at $185.70 on Tuesday. The stock has a 50-day moving average of $188.52 and a two-hundred day moving average of $166.42. The stock has a market cap of $8.68 billion, a P/E ratio of 41.73, a P/E/G ratio of 1.85 and a beta of 1.37. SPX Technologies has a one year low of $115.00 and a one year high of $209.38. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.28 and a current ratio of 1.97.

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

Institutional Investors Weigh In On SPX Technologies

Several large investors have recently bought and sold shares of SPXC. Twin Peaks Wealth Advisors LLC purchased a new stake in SPX Technologies during the 2nd quarter worth approximately $31,000. MAI Capital Management increased its stake in SPX Technologies by 80.9% during the 2nd quarter. MAI Capital Management now owns 208 shares of the company's stock worth $35,000 after buying an additional 93 shares in the last quarter. Eastern Bank purchased a new stake in shares of SPX Technologies in the first quarter valued at approximately $38,000. SVB Wealth LLC purchased a new stake in shares of SPX Technologies in the first quarter valued at approximately $39,000. Finally, Quarry LP purchased a new stake in shares of SPX Technologies in the first quarter valued at approximately $57,000. 92.82% of the stock is currently owned by hedge funds and other 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.