SPX Technologies, Inc. (NYSE:SPXC) Given Average Rating of “Hold” by Brokerages

Shares of SPX Technologies, Inc. (NYSE:SPXC) have received an average rating of “Hold” from the five analysts that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $168.50.

A number of equities analysts have recently issued reports on SPXC shares. UBS Group reduced their target price on shares of SPX Technologies from $164.00 to $160.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Sidoti downgraded shares of SPX Technologies from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $187.00 to $175.00 in a research note on Friday, December 6th. Finally, Wolfe Research started coverage on shares of SPX Technologies in a research note on Monday, November 25th. They set an “outperform” rating and a $199.00 price target for the company.

Institutional Investors Weigh In On SPX Technologies

Several large investors have recently bought and sold shares of SPXC. JPMorgan Chase & Co. increased its stake in SPX Technologies by 666.7% in the third quarter. JPMorgan Chase & Co. now owns 590,552 shares of the company’s stock valued at $94,169,000 after purchasing an additional 513,526 shares in the last quarter. Conestoga Capital Advisors LLC increased its stake in SPX Technologies by 74.6% in the third quarter. Conestoga Capital Advisors LLC now owns 627,260 shares of the company’s stock valued at $100,023,000 after purchasing an additional 267,965 shares in the last quarter. Janus Henderson Group PLC increased its stake in SPX Technologies by 45.3% in the third quarter. Janus Henderson Group PLC now owns 696,713 shares of the company’s stock valued at $111,100,000 after purchasing an additional 217,316 shares in the last quarter. Select Equity Group L.P. bought a new stake in shares of SPX Technologies during the second quarter worth $24,904,000. Finally, Victory Capital Management Inc. increased its position in shares of SPX Technologies by 196.9% during the third quarter. Victory Capital Management Inc. now owns 218,993 shares of the company’s stock worth $34,921,000 after acquiring an additional 145,225 shares in the last quarter. Institutional investors own 92.82% of the company’s stock.

SPX Technologies Price Performance

Shares of SPXC stock opened at $152.23 on Friday. SPX Technologies has a 1 year low of $100.59 and a 1 year high of $183.83. The firm’s 50 day moving average is $156.17 and its 200-day moving average is $155.51. The firm has a market capitalization of $7.06 billion, a price-to-earnings ratio of 40.92, a PEG ratio of 1.39 and a beta of 1.30. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Wednesday, October 30th. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The company had revenue of $483.70 million for the quarter, compared to analyst estimates of $501.02 million. During the same period in the prior year, the business earned $1.06 earnings per share. SPX Technologies’s quarterly revenue was up 7.8% on a year-over-year basis. Sell-side analysts forecast that SPX Technologies will post 5.57 EPS for the current fiscal year.

About SPX Technologies

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.