Truist Financial Forecasts Strong Price Appreciation for SPX Technologies (NYSE:SPXC) Stock

SPX Technologies (NYSE:SPXC) had its price target lifted by equities research analysts at Truist Financial from $215.00 to $216.00 in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s target price would suggest a potential upside of 0.36% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. B. Riley reaffirmed a “buy” rating and issued a $244.00 target price (up previously from $225.00) on shares of SPX Technologies in a research report on Wednesday, December 10th. Wells Fargo & Company initiated coverage on SPX Technologies in a report on Tuesday, October 14th. They issued an “overweight” rating and a $205.00 price objective for the company. TD Cowen initiated coverage on SPX Technologies in a research report on Monday, November 10th. They issued a “hold” rating and a $225.00 target price on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of SPX Technologies in a research report on Monday, December 8th. Finally, Bank of America initiated coverage on SPX Technologies in a research note on Wednesday, October 8th. They issued a “neutral” rating and a $202.00 price target for the company. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $214.14.

SPX Technologies Stock Up 3.8%

SPX Technologies stock traded up $7.89 during midday trading on Thursday, reaching $215.22. The stock had a trading volume of 66,154 shares, compared to its average volume of 325,783. The stock has a market capitalization of $10.73 billion, a P/E ratio of 46.09, a price-to-earnings-growth ratio of 2.04 and a beta of 1.32. The firm’s fifty day simple moving average is $205.98 and its 200-day simple moving average is $188.54. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.70 and a current ratio of 2.47. SPX Technologies has a 1-year low of $115.00 and a 1-year high of $233.71.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings results on Thursday, October 30th. The company reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.24. SPX Technologies had a net margin of 10.33% and a return on equity of 18.68%. The company had revenue of $592.80 million during the quarter, compared to analysts’ expectations of $574.32 million. During the same period last year, the business earned $1.39 EPS. The business’s quarterly revenue was up 22.6% on a year-over-year basis. SPX Technologies has set its FY 2025 guidance at 6.650-6.800 EPS. As a group, analysts expect that SPX Technologies will post 5.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider John William Swann III sold 38,755 shares of SPX Technologies stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $206.07, for a total transaction of $7,986,242.85. Following the completion of the transaction, the insider directly owned 64,266 shares in the company, valued at $13,243,294.62. This trade represents a 37.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider J Randall Data sold 12,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $215.37, for a total transaction of $2,584,440.00. Following the sale, the insider directly owned 38,020 shares of the company’s stock, valued at approximately $8,188,367.40. The trade was a 23.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. increased its stake in shares of SPX Technologies by 62.4% during the 3rd quarter. Invesco Ltd. now owns 1,879,216 shares of the company’s stock worth $351,000,000 after purchasing an additional 722,039 shares during the last quarter. Norges Bank bought a new position in SPX Technologies during the second quarter valued at $97,223,000. Champlain Investment Partners LLC bought a new position in SPX Technologies during the first quarter valued at $52,699,000. Vanguard Group Inc. increased its position in SPX Technologies by 4.6% in the third quarter. Vanguard Group Inc. now owns 5,298,472 shares of the company’s stock worth $989,649,000 after buying an additional 232,436 shares during the last quarter. Finally, AustralianSuper Pty Ltd bought a new stake in shares of SPX Technologies in the third quarter valued at $41,092,000. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

About SPX Technologies

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.