SPX Technologies (NYSE:SPXC) Raised to Buy at Wall Street Zen

Key Points

• SPX Technologies was upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, signaling increased confidence in the stock's performance.
• Analysts have raised their target price for SPX Technologies, with UBS Group increasing it from $182.00 to $210.00.
• The company's recent earnings report showed an EPS of $1.65, surpassing estimates and reflecting a revenue increase of 10.2% compared to last year.

SPX Technologies (NYSE:SPXC - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Several other research firms also recently issued reports on SPXC. B. Riley assumed coverage on shares of SPX Technologies in a report on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective on the stock. Oppenheimer boosted their target price on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, UBS Group lifted their price objective on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a report on Friday, August 1st. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $195.20.

SPX Technologies Trading Down 0.6%

SPXC traded down $1.14 on Friday, hitting $200.43. The company had a trading volume of 286,226 shares, compared to its average volume of 292,619. The company has a market cap of $9.37 billion, a PE ratio of 45.04, a PEG ratio of 1.72 and a beta of 1.27. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62. The business's fifty day simple moving average is $172.56 and its 200 day simple moving average is $152.09. 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 quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.20. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The business had revenue of $552.40 million during the quarter, compared to the consensus estimate of $546.03 million. During the same quarter last year, the firm earned $1.42 earnings per share. The firm's quarterly revenue was up 10.2% compared to the same quarter last year. Equities research analysts expect that SPX Technologies will post 5.57 EPS for the current year.

Insider Activity at SPX Technologies

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the company's stock in a transaction dated 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 completion of the sale, the director directly owned 33,770 shares of the company's stock, valued at approximately $5,167,147.70. This represents a 16.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.32% of the company's stock.

Hedge Funds Weigh In On SPX Technologies

A number of large investors have recently made changes to their positions in the business. Comerica Bank grew its holdings in SPX Technologies by 25.4% in the 4th quarter. Comerica Bank now owns 86,267 shares of the company's stock valued at $12,554,000 after buying an additional 17,472 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of SPX Technologies in the first quarter valued at approximately $890,000. Pacer Advisors Inc. boosted its position in shares of SPX Technologies by 80.1% in the first quarter. Pacer Advisors Inc. now owns 1,951 shares of the company's stock valued at $251,000 after acquiring an additional 868 shares during the period. Hsbc Holdings PLC boosted its position in shares of SPX Technologies by 61.4% in the fourth quarter. Hsbc Holdings PLC now owns 11,112 shares of the company's stock valued at $1,620,000 after acquiring an additional 4,229 shares during the period. Finally, Bessemer Group Inc. boosted its position in shares of SPX Technologies by 1,544.0% in the first quarter. Bessemer Group Inc. now owns 6,757 shares of the company's stock valued at $870,000 after acquiring an additional 6,346 shares during the period. Institutional investors and hedge funds 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.