SPX Technologies (NYSE:SPXC) Stock Rating Lowered by Wall Street Zen

SPX Technologies (NYSE:SPXC) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Sunday, Wall Street Zen reports.

SPXC has been the topic of several other research reports. Oppenheimer cut their price objective on SPX Technologies from $265.00 to $260.00 and set an “outperform” rating on the stock in a report on Monday, November 2nd. Robert W. Baird began coverage on SPX Technologies in a research note on Monday, October 5th. They set an “outperform” rating and a $220.00 target price for the company. Truist Financial restated a “buy” rating and set a $233.00 target price (down from $266.00) on shares of SPX Technologies in a report on Monday, November 2nd. JPMorgan Chase & Co. cut their price target on shares of SPX Technologies from $282.00 to $225.00 and set an “overweight” rating on the stock in a research note on Friday, October 9th. Finally, Weiss Ratings cut shares of SPX Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $241.90.

SPX Technologies Stock Performance

Shares of NYSE SPXC opened at $150.68 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The business’s 50 day moving average is $172.43 and its two-hundred day moving average is $205.61. The company has a market cap of $7.55 billion, a P/E ratio of 19.68, a P/E/G ratio of 1.01 and a beta of 1.26. SPX Technologies has a 12 month low of $137.86 and a 12 month high of $251.08.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings data on Thursday, October 29th. The company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.09. The company had revenue of $714.50 million for the quarter, compared to analyst estimates of $710.38 million. SPX Technologies had a return on equity of 16.96% and a net margin of 11.48%. SPX Technologies’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.84 EPS. On average, equities 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 acquired 3,000 shares of the business’s stock in a transaction on Tuesday, November 3rd. The stock was purchased at an average cost of $164.34 per share, for a total transaction of $493,020.00. Following the completion of the transaction, the director directly owned 3,742 shares of the company’s stock, valued at approximately $614,960.28. The trade was a 404.31% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.88% of the stock is owned by insiders.

Hedge Funds Weigh In On SPX Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Group One Trading LLC acquired a new stake in shares of SPX Technologies during the 2nd quarter worth approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in SPX Technologies during the second quarter valued at approximately $47,000. Harbor Investment Advisory LLC bought a new stake in SPX Technologies during the second quarter worth $70,000. Allworth Financial LP bought a new stake in SPX Technologies during the second quarter worth $70,000. Finally, Parallel Advisors LLC lifted its stake in SPX Technologies by 38.1% during the first quarter. Parallel Advisors LLC now owns 312 shares of the company’s stock worth $62,000 after purchasing an additional 86 shares during the last quarter. Institutional investors own 92.82% of the company’s stock.

SPX Technologies Company Profile

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.

SPX Technologies sells products and services to customers around the world through a portfolio of established brands.