SPX Technologies (NYSE:SPXC) Stock Gets Price Target Cut from Oppenheimer

SPX Technologies (NYSE:SPXC) had its price objective decreased by Oppenheimer from $265.00 to $260.00 in a research note issued to investors on Monday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Other equities analysts have also issued reports about the company. Robert W. Baird started coverage on SPX Technologies in a research note on Monday, October 5th. They issued an “outperform” rating and a $220.00 price objective on the stock. B. Riley Financial cut their price objective on SPX Technologies from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Monday, October 26th. Zacks Research downgraded SPX Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Truist Financial reaffirmed a “buy” rating and issued a $233.00 target price (down from $266.00) on shares of SPX Technologies in a report on Monday. Finally, Wolfe Research began coverage on SPX Technologies in a report on Tuesday, September 15th. They issued an “outperform” rating and a $250.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $240.36.

SPX Technologies Stock Performance

Shares of SPXC opened at $153.29 on Monday. The company has a market capitalization of $7.68 billion, a PE ratio of 20.95, a price-to-earnings-growth ratio of 1.08 and a beta of 1.26. SPX Technologies has a one year low of $148.17 and a one year high of $251.08. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.17. The company’s fifty day moving average price is $175.98 and its 200 day moving average price is $206.72.

SPX Technologies (NYSE:SPXC) last released its earnings results on Thursday, October 29th. The company reported $2.21 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.09. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. The firm had revenue of $714.50 million during the quarter, compared to analyst estimates of $710.38 million. During the same quarter in the previous year, the business earned $1.84 EPS. The business’s revenue was up 20.5% on a year-over-year basis. As a group, analysts expect that SPX Technologies will post 8.39 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in SPX Technologies during the 2nd quarter valued at $1,189,365,000. Jupiter Topco LLC bought a new position in SPX Technologies in the 2nd quarter valued at $465,593,000. First Trust Advisors LP boosted its stake in SPX Technologies by 181.4% in the first quarter. First Trust Advisors LP now owns 1,362,871 shares of the company’s stock worth $272,492,000 after purchasing an additional 878,494 shares in the last quarter. Port Capital LLC acquired a new position in SPX Technologies in the second quarter worth $109,159,000. Finally, Bank of America Corp DE bought a new stake in shares of SPX Technologies during the second quarter worth $86,545,000. 92.82% of the stock is owned by institutional investors and hedge funds.

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.