SPX Technologies (NYSE:SPXC) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of SPX Technologies (NYSE:SPXC) from a hold rating to a buy rating in a report published on Friday morning.

SPXC has been the subject of a number of other reports. Oppenheimer upped their price objective on SPX Technologies from $134.00 to $140.00 and gave the stock an outperform rating in a report on Friday. UBS Group upped their target price on SPX Technologies from $90.00 to $126.00 and gave the stock a neutral rating in a research note on Wednesday, March 27th.

SPX Technologies Stock Up 7.4 %

SPXC stock opened at $131.00 on Friday. SPX Technologies has a 1-year low of $61.09 and a 1-year high of $132.79. The stock has a market cap of $6.06 billion, a price-to-earnings ratio of 63.90, a price-to-earnings-growth ratio of 1.34 and a beta of 1.24. The company has a current ratio of 1.77, a quick ratio of 1.08 and a debt-to-equity ratio of 0.44. The company’s 50 day moving average is $118.55 and its 200 day moving average is $102.62.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.19. SPX Technologies had a net margin of 5.32% and a return on equity of 18.44%. The firm had revenue of $465.20 million for the quarter, compared to analyst estimates of $454.05 million. During the same quarter in the prior year, the firm earned $0.93 EPS. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. Sell-side analysts predict that SPX Technologies will post 5.05 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider John William Swann III sold 32,325 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the completion of the sale, the insider now directly owns 82,884 shares in the company, valued at approximately $9,747,987.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other SPX Technologies news, insider John William Swann III sold 32,325 shares of SPX Technologies stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total value of $3,801,743.25. Following the transaction, the insider now directly owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $115.34, for a total value of $4,036,900.00. Following the sale, the chief executive officer now directly owns 667,045 shares of the company’s stock, valued at approximately $76,936,970.30. The disclosure for this sale can be found here. Insiders sold 94,373 shares of company stock valued at $10,962,146 over the last three months. Insiders own 3.53% of the company’s stock.

Hedge Funds Weigh In On SPX Technologies

A number of hedge funds have recently modified their holdings of the company. YHB Investment Advisors Inc. bought a new stake in shares of SPX Technologies in the first quarter worth about $51,000. Palisade Asset Management LLC purchased a new stake in SPX Technologies in the 1st quarter worth approximately $74,000. TFO Wealth Partners LLC grew its position in shares of SPX Technologies by 58,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,170 shares of the company’s stock worth $118,000 after buying an additional 1,168 shares during the last quarter. Quadrant Capital Group LLC increased its stake in shares of SPX Technologies by 54.9% during the fourth quarter. Quadrant Capital Group LLC now owns 1,340 shares of the company’s stock valued at $135,000 after buying an additional 475 shares during the period. Finally, First Trust Direct Indexing L.P. bought a new position in shares of SPX Technologies during the first quarter valued at approximately $203,000. Hedge funds and other institutional investors own 92.82% of the company’s stock.

SPX Technologies Company Profile

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.