SPX Technologies’ (SPXC) “Buy” Rating Reiterated at Truist Financial

Truist Financial reaffirmed their buy rating on shares of SPX Technologies (NYSE:SPXC) in a report issued on Monday,Benzinga reports. They currently have a $301.00 target price on the stock, up from their prior target price of $295.00.

Other equities analysts have also recently issued reports about the company. Wall Street Zen cut SPX Technologies from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Weiss Ratings reiterated a “buy (b-)” rating on shares of SPX Technologies in a research note on Wednesday, July 8th. Wolfe Research reissued an “outperform” rating and set a $266.00 price target on shares of SPX Technologies in a research report on Thursday, July 9th. Wells Fargo & Company reissued an “overweight” rating and issued a $250.00 price objective on shares of SPX Technologies in a research note on Monday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of SPX Technologies from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $266.67.

SPX Technologies Stock Performance

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

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings results on Thursday, July 30th. The company reported $2.02 earnings per share 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 business had revenue of $679.00 million during the quarter, compared to analysts’ expectations of $640.18 million. During the same quarter in the prior year, the company posted $1.65 EPS. The business’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. On average, research analysts anticipate that SPX Technologies will post 8.48 earnings per share for the current year.

Hedge Funds Weigh In On SPX Technologies

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

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.