SPX Technologies (NYSE:SPXC) Upgraded by StockNews.com to Buy

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 equities analysts also recently commented on the stock. UBS Group upped their price objective 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 lifted their target price on shares of SPX Technologies from $134.00 to $140.00 and gave the stock an outperform rating in a report on Friday.

SPX Technologies Trading Up 7.4 %

Shares of NYSE:SPXC opened at $131.00 on Friday. SPX Technologies has a 52-week low of $61.09 and a 52-week high of $132.79. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77. The company has a market capitalization of $6.06 billion, a P/E ratio of 63.90, a price-to-earnings-growth ratio of 1.34 and a beta of 1.24. The company has a 50-day simple moving average of $118.55 and a 200 day simple moving average of $102.62.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $454.05 million. SPX Technologies had a return on equity of 18.44% and a net margin of 5.32%. The business’s revenue was up 16.4% on a year-over-year basis. During the same period last year, the firm posted $0.93 earnings per share. Sell-side analysts forecast that SPX Technologies will post 5.05 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $115.34, for a total value of $4,036,900.00. Following the completion of the transaction, the chief executive officer now directly owns 667,045 shares in the company, valued at approximately $76,936,970.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider John William Swann III sold 32,325 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total value of $3,801,743.25. Following the sale, the insider now directly owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $115.34, for a total value of $4,036,900.00. Following the transaction, the chief executive officer now directly owns 667,045 shares of the company’s stock, valued at approximately $76,936,970.30. The disclosure for this sale can be found here. Insiders sold 94,373 shares of company stock valued at $10,962,146 over the last quarter. 3.53% of the stock is owned by company insiders.

Institutional Trading of SPX Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp grew its holdings in shares of SPX Technologies by 2.7% during the first quarter. Fifth Third Bancorp now owns 4,524 shares of the company’s stock worth $557,000 after purchasing an additional 118 shares during the last quarter. Navellier & Associates Inc. grew its holdings in SPX Technologies by 1.4% during the 3rd quarter. Navellier & Associates Inc. now owns 8,814 shares of the company’s stock worth $717,000 after acquiring an additional 125 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in SPX Technologies by 4.3% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,182 shares of the company’s stock valued at $321,000 after acquiring an additional 132 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of SPX Technologies by 4.2% during the third quarter. Janney Montgomery Scott LLC now owns 4,176 shares of the company’s stock valued at $340,000 after acquiring an additional 170 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of SPX Technologies by 1.4% during the third quarter. Arizona State Retirement System now owns 12,966 shares of the company’s stock worth $1,055,000 after purchasing an additional 175 shares during the period. 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.