SPX Technologies (NYSE:SPXC) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of SPX Technologies (NYSE:SPXC) from a hold rating to a buy rating in a research report released on Friday, MarketBeat Ratings reports. Truist Financial currently has $243.00 price target on the stock, down from their previous price target of $244.00.

Several other research firms also recently weighed in on SPXC. BMO Capital Markets initiated coverage on SPX Technologies in a research report on Friday. They set an “outperform” rating and a $243.00 target price on the stock. Wells Fargo & Company upped their price target on SPX Technologies from $220.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Oppenheimer lifted their price objective on SPX Technologies from $240.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. B. Riley Financial reiterated a “buy” rating and set a $244.00 price objective (up from $225.00) on shares of SPX Technologies in a research note on Wednesday, December 10th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of SPX Technologies in a report on Monday, December 29th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $249.67.

SPX Technologies Stock Performance

Shares of NYSE SPXC opened at $199.75 on Friday. SPX Technologies has a 12-month low of $115.00 and a 12-month high of $246.68. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of 39.87, a price-to-earnings-growth ratio of 1.54 and a beta of 1.30. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average of $217.39 and a 200 day moving average of $207.27.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.86 by $0.02. SPX Technologies had a net margin of 10.77% and a return on equity of 17.82%. The business had revenue of $637.30 million for the quarter, compared to analysts’ expectations of $625.98 million. During the same quarter last year, the company posted $1.51 EPS. The company’s revenue was up 19.4% compared to the same quarter last year. SPX Technologies has set its FY 2026 guidance at 7.600-8.000 EPS. On average, research analysts anticipate that SPX Technologies will post 5.57 earnings per share for the current year.

Hedge Funds Weigh In On SPX Technologies

Several large investors have recently made changes to their positions in SPXC. Hsbc Holdings PLC boosted its stake in shares of SPX Technologies by 524.0% in the fourth quarter. Hsbc Holdings PLC now owns 10,596 shares of the company’s stock worth $2,132,000 after acquiring an additional 8,898 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in SPX Technologies by 24.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 557 shares of the company’s stock worth $111,000 after purchasing an additional 110 shares in the last quarter. Mengis Capital Management Inc. lifted its holdings in SPX Technologies by 66.7% in the 4th quarter. Mengis Capital Management Inc. now owns 10,000 shares of the company’s stock worth $2,001,000 after purchasing an additional 4,000 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in SPX Technologies by 660.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 981 shares of the company’s stock worth $196,000 after purchasing an additional 852 shares during the period. Finally, Pacer Advisors Inc. grew its holdings in SPX Technologies by 316.0% during the 4th quarter. Pacer Advisors Inc. now owns 10,770 shares of the company’s stock valued at $2,155,000 after buying an additional 8,181 shares in the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

SPX Technologies Company Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.