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

StockNews.com upgraded shares of SPX Technologies (NYSE:SPXC) from a hold rating to a buy rating in a report released on Friday morning.

Several other research firms have also recently commented on SPXC. UBS Group boosted their price target on shares of SPX Technologies from $90.00 to $126.00 and gave the company a neutral rating in a report on Wednesday, March 27th. Oppenheimer boosted their price target on shares of SPX Technologies from $134.00 to $140.00 and gave the company an outperform rating in a report on Friday.

SPX Technologies Stock Performance

Shares of NYSE SPXC opened at $130.94 on Friday. SPX Technologies has a 12-month low of $61.09 and a 12-month high of $132.79. The company has a market cap of $6.06 billion, a PE ratio of 63.87, a P/E/G ratio of 1.35 and a beta of 1.24. The stock has a 50 day simple moving average of $118.99 and a 200-day simple moving average of $103.28. The company has a current ratio of 1.12, a quick ratio of 0.70 and a debt-to-equity ratio of 0.42.

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, beating the consensus estimate of $1.06 by $0.19. The company had revenue of $465.20 million for the quarter, compared to analysts’ expectations of $454.05 million. SPX Technologies had a return on equity of 18.18% and a net margin of 5.32%. The firm’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 earnings per share. On average, equities research analysts forecast that SPX Technologies will post 5.38 EPS for the current year.

Insider Buying and Selling

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

Institutional Trading of SPX Technologies

Several large investors have recently added to or reduced their stakes in SPXC. YHB Investment Advisors Inc. bought a new stake in SPX Technologies during the first quarter worth about $51,000. Palisade Asset Management LLC bought a new stake in SPX Technologies during the first quarter worth about $74,000. TFO Wealth Partners LLC grew its stake in SPX Technologies by 58,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,170 shares of the company’s stock worth $118,000 after buying an additional 1,168 shares during the last quarter. Quadrant Capital Group LLC grew its stake in SPX Technologies by 54.9% during the fourth quarter. Quadrant Capital Group LLC now owns 1,340 shares of the company’s stock worth $135,000 after buying an additional 475 shares during the last quarter. Finally, MCF Advisors LLC bought a new stake in SPX Technologies during the fourth quarter worth about $173,000. 92.82% of the stock is owned by institutional investors.

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.