SPX Technologies (NYSE:SPXC) Raised to Buy at StockNews.com

SPX Technologies (NYSE:SPXC) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

Other analysts also recently issued reports about the stock. Oppenheimer increased their price target on shares of SPX Technologies from $134.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday. UBS Group increased their price target on SPX Technologies from $90.00 to $126.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 27th.

SPX Technologies Stock Performance

SPXC stock traded up $9.05 during midday trading on Friday, reaching $131.00. The stock had a trading volume of 626,305 shares, compared to its average volume of 237,143. The firm has a fifty day simple moving average of $118.55 and a two-hundred day simple moving average of $102.62. SPX Technologies has a 52-week low of $61.09 and a 52-week high of $132.79. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77. The stock has a market cap of $6.06 billion, a PE ratio of 68.23, a P/E/G ratio of 1.34 and a beta of 1.24.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.19. The company had revenue of $465.20 million during the quarter, compared to analyst estimates of $454.05 million. SPX Technologies had a net margin of 5.16% and a return on equity of 17.30%. SPX Technologies’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period last year, the firm posted $0.93 EPS. As a group, equities research analysts anticipate that SPX Technologies will post 5.05 EPS for the current year.

Insider Buying and Selling

In related news, insider John William Swann III sold 32,325 shares of SPX Technologies stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the completion of the transaction, the insider now owns 82,884 shares in the company, valued at $9,747,987.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $115.48, for a total value of $3,123,503.04. Following the completion of the transaction, the chief executive officer now owns 597,936 shares in the company, valued at approximately $69,049,649.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John William Swann III sold 32,325 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the sale, the insider now owns 82,884 shares in the company, valued at $9,747,987.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,373 shares of company stock valued at $10,962,146. Corporate insiders own 3.53% of the company’s stock.

Hedge Funds Weigh In On SPX Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. YHB Investment Advisors Inc. purchased a new position in SPX Technologies in the first quarter valued at approximately $51,000. Palisade Asset Management LLC purchased a new position in shares of SPX Technologies in the 1st quarter valued at $74,000. TFO Wealth Partners LLC raised its stake in SPX Technologies by 58,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,170 shares of the company’s stock worth $118,000 after acquiring an additional 1,168 shares in the last quarter. Quadrant Capital Group LLC lifted its position in SPX Technologies by 54.9% in the fourth quarter. Quadrant Capital Group LLC now owns 1,340 shares of the company’s stock valued at $135,000 after acquiring an additional 475 shares during the last quarter. Finally, MCF Advisors LLC acquired a new position in SPX Technologies in the fourth quarter valued at $173,000. Institutional investors and hedge funds own 92.82% of the company’s stock.

SPX Technologies Company Profile

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.