JPMorgan Chase & Co. Has Lowered Expectations for SPX Technologies (NYSE:SPXC) Stock Price

SPX Technologies (NYSE:SPXC) had its target price decreased by equities research analysts at JPMorgan Chase & Co. from $225.00 to $190.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 22.88% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Wall Street Zen lowered shares of SPX Technologies from a “buy” rating to a “hold” rating in a research note on Sunday. Truist Financial restated a “buy” rating and issued a $233.00 price objective (down from $266.00) on shares of SPX Technologies in a research report on Monday, November 2nd. Wolfe Research began coverage on SPX Technologies in a report on Tuesday, September 15th. They issued an “outperform” rating and a $250.00 price objective on the stock. Robert W. Baird initiated coverage on SPX Technologies in a research report on Monday, October 5th. They set an “outperform” rating and a $220.00 target price on the stock. Finally, Weiss Ratings downgraded SPX Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, November 3rd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, SPX Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $238.40.

SPX Technologies Stock Up 3.0%

SPXC stock traded up $4.50 during trading on Wednesday, hitting $154.62. 136,152 shares of the company’s stock were exchanged, compared to its average volume of 582,954. The stock has a market capitalization of $7.75 billion, a price-to-earnings ratio of 26.13, a PEG ratio of 1.00 and a beta of 1.26. The company has a current ratio of 1.84, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. SPX Technologies has a 52-week low of $137.86 and a 52-week high of $251.08. The business has a 50-day moving average price of $171.50 and a two-hundred day moving average price of $205.27.

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

Insider Buying and Selling at SPX Technologies

In related news, Director Brian A. Deck purchased 3,000 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The stock was bought at an average cost of $164.34 per share, with a total value of $493,020.00. Following the completion of the acquisition, the director directly owned 3,742 shares in the company, valued at $614,960.28. The trade was a 404.31% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.88% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SPX Technologies

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

About SPX Technologies

SPX Technologies, Inc. is a global supplier of engineered products and technologies, serving customers in markets that include commercial and residential buildings, infrastructure, and industrial applications. The company operates through its HVAC and Detection and Measurement businesses. Its HVAC products include cooling towers, boilers, heating equipment, ventilation and air treatment systems, and related components. Its Detection and Measurement business provides technologies used to locate and inspect underground utilities, as well as communication and measurement products for specialized applications.