SPX Technologies (NYSE:SPXC) Coverage Initiated by Analysts at Wolfe Research

Wolfe Research initiated coverage on shares of SPX Technologies (NYSE:SPXC) in a research report released on Monday morning, Marketbeat reports. The brokerage issued an outperform rating and a $199.00 price objective on the stock.

SPX Technologies Trading Up 3.2 %

NYSE SPXC opened at $181.56 on Monday. SPX Technologies has a one year low of $83.98 and a one year high of $183.83. The firm has a 50 day simple moving average of $162.39 and a 200-day simple moving average of $151.55. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. The firm has a market cap of $8.42 billion, a price-to-earnings ratio of 48.81, a PEG ratio of 1.76 and a beta of 1.22.

SPX Technologies (NYSE:SPXC) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $501.02 million. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. Equities research analysts anticipate that SPX Technologies will post 5.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SPXC. American Century Companies Inc. lifted its position in shares of SPX Technologies by 195.2% during the 2nd quarter. American Century Companies Inc. now owns 14,492 shares of the company’s stock worth $2,060,000 after buying an additional 9,582 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of SPX Technologies by 15.7% during the 2nd quarter. Victory Capital Management Inc. now owns 73,768 shares of the company’s stock worth $10,485,000 after buying an additional 10,010 shares during the last quarter. Diversified Trust Co purchased a new stake in shares of SPX Technologies during the 2nd quarter worth approximately $798,000. Dana Investment Advisors Inc. purchased a new stake in shares of SPX Technologies during the 2nd quarter worth approximately $855,000. Finally, Park Avenue Securities LLC purchased a new stake in shares of SPX Technologies during the 2nd quarter worth approximately $607,000. Hedge funds and other institutional investors own 92.82% of the company’s stock.

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.