SPX Technologies (NYSE:SPXC) Coverage Initiated at StockNews.com

StockNews.com began coverage on shares of SPX Technologies (NYSE:SPXC – Get Rating) in a research report report published on Thursday. The firm issued a hold rating on the stock.

Separately, Oppenheimer boosted their price objective on SPX Technologies from $77.00 to $82.00 and gave the company an outperform rating in a research note on Friday, February 24th.

SPX Technologies Stock Performance

SPXC stock opened at $66.30 on Thursday. The business has a 50 day moving average price of $71.74 and a 200 day moving average price of $66.29. SPX Technologies has a fifty-two week low of $41.66 and a fifty-two week high of $78.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.43 and a current ratio of 2.16.

SPX Technologies (NYSE:SPXC – Get Rating) last issued its quarterly earnings data on Thursday, February 23rd. The company reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.19. SPX Technologies had a return on equity of 13.14% and a net margin of 0.01%. The company had revenue of $429.30 million during the quarter, compared to analysts’ expectations of $416.00 million. During the same quarter in the previous year, the business earned $0.88 earnings per share. The firm’s revenue for the quarter was up 22.7% on a year-over-year basis. As a group, research analysts predict that SPX Technologies will post 3.49 EPS for the current fiscal year.

Institutional Investors Weigh In On SPX Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in SPX Technologies by 1.5% in the first quarter. BlackRock Inc. now owns 6,946,104 shares of the company’s stock valued at $343,207,000 after buying an additional 104,221 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of SPX Technologies by 0.4% in the third quarter. Vanguard Group Inc. now owns 4,778,461 shares of the company’s stock valued at $263,866,000 after purchasing an additional 19,693 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of SPX Technologies by 2.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 4,714,463 shares of the company’s stock valued at $249,112,000 after purchasing an additional 105,851 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of SPX Technologies by 3.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,265,310 shares of the company’s stock valued at $280,018,000 after purchasing an additional 160,366 shares during the period. Finally, State Street Corp increased its holdings in shares of SPX Technologies by 1.4% in the second quarter. State Street Corp now owns 1,634,734 shares of the company’s stock valued at $86,379,000 after purchasing an additional 22,716 shares during the period. Hedge funds and other institutional investors own 92.06% of the company’s stock.

About SPX Technologies

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SPX Technologies, Inc engages in the supply of infrastructure equipment. It operates through the HVAC and Detection and Measurement segments. The HVAC segment engineers, designs, manufactures, installs, and services cooling products and engineered air quality solutions to the HVAC and industrial markets, as well as heating and ventilation products for the residential and commercial markets.