SPX Technologies (NYSE:SPXC) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of SPX Technologies (NYSE:SPXC) from a hold rating to a strong-buy rating in a research note released on Tuesday,Zacks.com reports.

A number of other brokerages also recently weighed in on SPXC. Truist Financial restated a “buy” rating and issued a $301.00 target price (up from $295.00) on shares of SPX Technologies in a research note on Monday. Oppenheimer reaffirmed an “outperform” rating and set a $280.00 price target (up from $272.00) on shares of SPX Technologies in a research report on Monday, July 20th. Wall Street Zen lowered SPX Technologies from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Wells Fargo & Company reissued an “overweight” rating and issued a $250.00 price objective on shares of SPX Technologies in a research report on Monday. Finally, B. Riley Financial raised their target price on SPX Technologies from $280.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $266.67.

SPX Technologies Price Performance

SPXC opened at $215.01 on Tuesday. SPX Technologies has a 1 year low of $179.62 and a 1 year high of $251.08. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.82 and a quick ratio of 1.21. The company has a market capitalization of $10.77 billion, a price-to-earnings ratio of 38.67, a P/E/G ratio of 1.41 and a beta of 1.27. The firm’s fifty day moving average price is $224.68 and its two-hundred day moving average price is $217.73.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Thursday, July 30th. The company reported $2.02 EPS for the quarter, beating the consensus estimate of $1.85 by $0.17. SPX Technologies had a net margin of 11.27% and a return on equity of 16.53%. The company had revenue of $679.00 million during the quarter, compared to the consensus estimate of $640.18 million. During the same quarter in the prior year, the company posted $1.65 earnings per share. The firm’s revenue for the quarter was up 22.9% on a year-over-year basis. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. As a group, analysts anticipate that SPX Technologies will post 8.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SPXC. Royal Bank of Canada boosted its position in SPX Technologies by 8.1% during the first quarter. Royal Bank of Canada now owns 38,386 shares of the company’s stock worth $4,942,000 after purchasing an additional 2,892 shares during the period. AQR Capital Management LLC raised its stake in shares of SPX Technologies by 74.5% during the 1st quarter. AQR Capital Management LLC now owns 20,734 shares of the company’s stock valued at $2,670,000 after purchasing an additional 8,854 shares during the period. Millennium Management LLC grew its holdings in SPX Technologies by 214.4% during the 1st quarter. Millennium Management LLC now owns 83,285 shares of the company’s stock valued at $10,725,000 after buying an additional 56,799 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of SPX Technologies by 21.8% in the first quarter. NewEdge Advisors LLC now owns 625 shares of the company’s stock worth $80,000 after buying an additional 112 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in SPX Technologies by 1.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 192,129 shares of the company’s stock worth $24,742,000 after purchasing an additional 3,353 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.

About SPX Technologies

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.