SPX Technologies (NYSE:SPXC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of SPX Technologies (NYSE:SPXC) from a hold rating to a buy rating in a report published on Saturday morning,Wall Street Zen reports.

Several other research firms also recently commented on SPXC. Oppenheimer dropped their price target on shares of SPX Technologies from $270.00 to $265.00 and set an “outperform” rating for the company in a research note on Wednesday, October 21st. Wells Fargo & Company cut their price objective on SPX Technologies from $250.00 to $243.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 13th. Citigroup reiterated a “buy” rating on shares of SPX Technologies in a research note on Friday. Robert W. Baird began coverage on SPX Technologies in a report on Monday, October 5th. They issued an “outperform” rating and a $220.00 target price for the company. Finally, Wolfe Research started coverage on SPX Technologies in a research note on Tuesday, September 15th. They set an “outperform” rating and a $250.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $240.36.

SPX Technologies Trading Up 0.9%

Shares of SPXC stock opened at $161.32 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 1.82. The stock has a market capitalization of $8.08 billion, a P/E ratio of 22.23, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24. The company has a 50 day moving average price of $177.70 and a 200 day moving average price of $207.26. SPX Technologies has a fifty-two week low of $148.17 and a fifty-two week high of $251.08.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Thursday, October 29th. The company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.09. The firm had revenue of $714.50 million for the quarter, compared to the consensus estimate of $710.38 million. SPX Technologies had a net margin of 11.27% and a return on equity of 16.53%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.84 EPS. Equities research analysts predict that SPX Technologies will post 8.43 EPS for the current fiscal year.

Institutional Investors Weigh In On SPX Technologies

Several institutional investors have recently modified their holdings of SPXC. Covestor Ltd grew its position in shares of SPX Technologies by 1,063.0% in the 3rd quarter. Covestor Ltd now owns 2,233 shares of the company’s stock valued at $379,000 after buying an additional 2,041 shares during the last quarter. Provenance Wealth Advisors LLC acquired a new stake in SPX Technologies during the 3rd quarter worth $354,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in SPX Technologies by 81.8% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,000 shares of the company’s stock valued at $1,017,000 after acquiring an additional 2,700 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in SPX Technologies by 13.2% in the third quarter. Oppenheimer & Co. Inc. now owns 7,332 shares of the company’s stock valued at $1,243,000 after acquiring an additional 855 shares during the last quarter. Finally, Segment Wealth Management LLC boosted its stake in SPX Technologies by 18.3% in the third quarter. Segment Wealth Management LLC now owns 12,025 shares of the company’s stock valued at $2,039,000 after acquiring an additional 1,858 shares in the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

About SPX Technologies

SPX Technologies, Inc (NYSE:SPXC) is a diversified industrial technology company that develops and manufactures engineered products and solutions for the heating, ventilation, air conditioning and infrastructure markets. The company serves commercial, industrial and residential customers through specialized technologies designed to support building climate control, utility infrastructure and related applications.

SPX Technologies operates through two primary business segments: HVAC and Detection & Measurement.