SPX Technologies (NYSE:SPXC) Given “Buy” Rating at Truist Financial

SPX Technologies (NYSE:SPXC)‘s stock had its “buy” rating reiterated by equities researchers at Truist Financial in a research report issued on Monday, Benzinga reports. They presently have a $233.00 target price on the stock, down from their previous target price of $266.00. Truist Financial‘s price target would indicate a potential upside of 44.65% from the company’s previous close.

A number of other equities research analysts have also recently commented on SPXC. B. Riley Financial dropped their price objective on shares of SPX Technologies from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Monday, October 26th. Robert W. Baird began coverage on shares of SPX Technologies in a report on Monday, October 5th. They set an “outperform” rating and a $220.00 target price for the company. Wells Fargo & Company cut their price target on SPX Technologies from $250.00 to $243.00 and set an “overweight” rating for the company in a report on Tuesday, October 13th. Oppenheimer dropped their price target on shares of SPX Technologies from $270.00 to $265.00 and set an “outperform” rating for the company in a research note on Wednesday, October 21st. Finally, Zacks Research cut shares of SPX Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, SPX Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $240.82.

SPX Technologies Stock Up 0.7%

NYSE:SPXC traded up $1.13 during trading hours on Monday, reaching $161.08. The company’s stock had a trading volume of 183,883 shares, compared to its average volume of 574,747. SPX Technologies has a 12 month low of $148.17 and a 12 month high of $251.08. The stock has a 50 day moving average price of $178.60 and a two-hundred day moving average price of $207.51. The company has a market capitalization of $8.07 billion, a P/E ratio of 27.34, a price-to-earnings-growth ratio of 1.04 and a beta of 1.26. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.84.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings data on Thursday, October 29th. The company reported $2.21 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.09. SPX Technologies had a return on equity of 16.96% and a net margin of 11.48%. The firm had revenue of $714.50 million during the quarter, compared to analysts’ expectations of $710.38 million. During the same quarter last year, the firm earned $1.84 EPS. The business’s quarterly revenue was up 20.5% on a year-over-year basis. Equities analysts predict that SPX Technologies will post 8.43 EPS for the current fiscal year.

Institutional Trading of SPX Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of SPX Technologies in the second quarter valued at about $1,189,365,000. Jupiter Topco LLC acquired a new position in shares of SPX Technologies in the second quarter worth $465,593,000. First Trust Advisors LP boosted its stake in shares of SPX Technologies by 181.4% during the 1st quarter. First Trust Advisors LP now owns 1,362,871 shares of the company’s stock worth $272,492,000 after purchasing an additional 878,494 shares during the last quarter. Janus Henderson Group PLC raised its holdings in SPX Technologies by 5.9% in the 1st quarter. Janus Henderson Group PLC now owns 765,245 shares of the company’s stock valued at $153,011,000 after acquiring an additional 42,921 shares during the last quarter. Finally, Port Capital LLC purchased a new position in SPX Technologies during the second quarter worth about $109,159,000. 92.82% of the stock is owned by hedge funds and other institutional investors.

About SPX Technologies

SPX Technologies, Inc (NYSE:SPXC) is a diversified industrial technology company that develops and manufactures engineered products and solutions for the heating, ventilation, air conditioning and infrastructure markets. The company serves commercial, industrial and residential customers through specialized technologies designed to support building climate control, utility infrastructure and related applications.

SPX Technologies operates through two primary business segments: HVAC and Detection & Measurement.