SPX Technologies, Inc. (NYSE:SPXC) Stock Has Average Price Target of $243.82 According to Brokerages

SPX Technologies, Inc. (NYSE:SPXC) has been assigned an average rating of “Moderate Buy” from the fourteen analysts that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $240.36.

A number of equities research analysts have weighed in on SPXC shares. Wall Street Zen upgraded SPX Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, October 31st. Wells Fargo & Company lowered their price target on shares of SPX Technologies from $250.00 to $243.00 and set an “overweight” rating for the company in a report on Tuesday, October 13th. Wolfe Research initiated coverage on SPX Technologies in a research report on Tuesday, September 15th. They set an “outperform” rating and a $250.00 price target for the company. Citigroup reaffirmed a “buy” rating on shares of SPX Technologies in a research report on Friday, October 30th. Finally, Truist Financial restated a “buy” rating and issued a $233.00 target price (down from $266.00) on shares of SPX Technologies in a research note on Monday.

SPX Technologies Stock Down 6.2%

Shares of NYSE SPXC opened at $153.29 on Monday. SPX Technologies has a 12 month low of $148.17 and a 12 month high of $251.08. The company has a current ratio of 1.84, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $7.68 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 1.08 and a beta of 1.26. The business has a 50-day moving average of $175.98 and a 200-day moving average of $206.72.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings data 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 company had revenue of $714.50 million for the quarter, compared to analysts’ expectations of $710.38 million. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. SPX Technologies’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.84 earnings per share. Sell-side analysts expect that SPX Technologies will post 8.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Group One Trading LLC bought a new stake in shares of SPX Technologies during the second quarter valued at approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in SPX Technologies in the 2nd quarter valued at approximately $47,000. Summit Securities Group LLC purchased a new stake in SPX Technologies during the 1st quarter valued at $51,000. Parallel Advisors LLC boosted its stake in SPX Technologies by 38.1% during the 1st quarter. Parallel Advisors LLC now owns 312 shares of the company’s stock valued at $62,000 after purchasing an additional 86 shares during the last quarter. Finally, Harbor Investment Advisory LLC purchased a new stake in SPX Technologies during the 2nd quarter valued at $70,000. Institutional investors own 92.82% of the company’s stock.

SPX Technologies Company Profile

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.