Oppenheimer Lowers SPX Technologies (NYSE:SPXC) to Market Perform

Oppenheimer downgraded shares of SPX Technologies (NYSE:SPXC) from an outperform rating to a market perform rating in a report published on Thursday, Marketbeat reports.

Several other equities research analysts also recently weighed in on SPXC. William Blair reissued an outperform rating on shares of SPX Technologies in a research note on Friday, May 3rd. UBS Group increased their target price on shares of SPX Technologies from $126.00 to $142.00 and gave the company a neutral rating in a research note on Wednesday, May 8th. Finally, StockNews.com downgraded shares of SPX Technologies from a buy rating to a hold rating in a research note on Saturday, May 11th.

SPX Technologies Price Performance

SPX Technologies stock opened at $145.07 on Thursday. The company has a market cap of $6.71 billion, a price-to-earnings ratio of 70.77, a PEG ratio of 1.50 and a beta of 1.20. The firm’s fifty day moving average is $142.08 and its 200 day moving average is $123.55. The company has a quick ratio of 0.70, a current ratio of 1.12 and a debt-to-equity ratio of 0.42. SPX Technologies has a 52-week low of $76.61 and a 52-week high of $164.91.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.19. The company had revenue of $465.20 million for the quarter, compared to the consensus estimate of $454.05 million. SPX Technologies had a net margin of 5.32% and a return on equity of 18.18%. SPX Technologies’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.93 earnings per share. Sell-side analysts forecast that SPX Technologies will post 5.37 EPS for the current fiscal year.

Insider Activity

In related news, insider J Randall Data sold 39,412 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $143.89, for a total value of $5,670,992.68. Following the transaction, the insider now owns 52,657 shares of the company’s stock, valued at approximately $7,576,815.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 3.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SPXC. Hilltop National Bank purchased a new position in SPX Technologies in the 2nd quarter worth about $39,000. YHB Investment Advisors Inc. purchased a new position in SPX Technologies in the 1st quarter worth about $51,000. GAMMA Investing LLC increased its stake in SPX Technologies by 122.6% in the 2nd quarter. GAMMA Investing LLC now owns 423 shares of the company’s stock worth $60,000 after buying an additional 233 shares during the period. Palisade Asset Management LLC purchased a new position in SPX Technologies in the 1st quarter worth about $74,000. Finally, TFO Wealth Partners LLC increased its stake in SPX Technologies by 58,400.0% in the 4th 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 period. Hedge funds and other institutional investors 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.