SPX Technologies (NYSE:SPXC) Stock Moved Down to “Hold” by Wall Street Zen

Wall Street Zen cut shares of SPX Technologies (NYSE:SPXC) from a buy rating to a hold rating in a report published on Sunday morning,Wall Street Zen reports.

Other analysts have also recently issued research reports about the company. Oppenheimer dropped their target price on SPX Technologies from $265.00 to $260.00 and set an “outperform” rating on the stock in a research report on Monday, November 2nd. Wolfe Research started coverage on SPX Technologies in a research report on Tuesday, September 15th. They issued an “outperform” rating and a $250.00 price target for the company. JPMorgan Chase & Co. decreased their price objective on SPX Technologies from $282.00 to $225.00 and set an “overweight” rating for the company in a research note on Friday, October 9th. Truist Financial restated a “buy” rating and set a $233.00 price objective (down from $266.00) on shares of SPX Technologies in a research note on Monday, November 2nd. Finally, Zacks Research downgraded SPX Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $240.36.

SPX Technologies Price Performance

NYSE SPXC opened at $142.46 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.84. The firm’s 50 day moving average price is $173.38 and its 200-day moving average price is $205.96. SPX Technologies has a 52-week low of $137.86 and a 52-week high of $251.08. The company has a market cap of $7.14 billion, a PE ratio of 24.15, a P/E/G ratio of 0.94 and a beta of 1.26.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings data on Thursday, October 29th. The company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.09. The company had revenue of $714.50 million for the quarter, compared to analyst estimates of $710.38 million. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. SPX Technologies’s revenue was up 20.5% compared to the same quarter last year. During the same period last year, the company posted $1.84 earnings per share. Sell-side analysts forecast that SPX Technologies will post 8.39 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Brian A. Deck bought 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was bought at an average price of $164.34 per share, with a total value of $493,020.00. Following the completion of the transaction, the director directly owned 3,742 shares of the company’s stock, valued at approximately $614,960.28. The trade was a 404.31% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.88% of the stock is owned by insiders.

Hedge Funds Weigh In On SPX Technologies

Several institutional investors and hedge funds have recently bought and sold shares of SPXC. BlackRock Inc. purchased a new stake in shares of SPX Technologies during the 2nd quarter valued at $1,189,365,000. Jupiter Topco LLC purchased a new position in SPX Technologies during the 2nd quarter worth $465,593,000. First Trust Advisors LP increased its position in SPX Technologies by 181.4% during the 1st quarter. First Trust Advisors LP now owns 1,362,871 shares of the company’s stock valued at $272,492,000 after buying an additional 878,494 shares in the last quarter. Port Capital LLC acquired a new position in SPX Technologies during the 2nd quarter valued at about $109,159,000. Finally, Bank of America Corp DE acquired a new position in SPX Technologies during the 2nd quarter valued at about $86,545,000. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Company Profile

SPX Technologies, Inc is a global supplier of engineered products and technologies, serving customers in markets that include commercial and residential buildings, infrastructure, and industrial applications. The company operates through its HVAC and Detection and Measurement businesses.

Its HVAC products include cooling towers, boilers, heating equipment, ventilation and air treatment systems, and related components. Its Detection and Measurement business provides technologies used to locate and inspect underground utilities, as well as communication and measurement products for specialized applications.

SPX Technologies sells products and services to customers around the world through a portfolio of established brands.