SPX Technologies (NYSE:SPXC) Sets New 1-Year High Following Analyst Upgrade

Shares of SPX Technologies, Inc. (NYSE:SPXC) reached a new 52-week high during trading on Wednesday after UBS Group raised their price target on the stock from $90.00 to $126.00. UBS Group currently has a neutral rating on the stock. SPX Technologies traded as high as $122.97 and last traded at $121.05, with a volume of 14861 shares trading hands. The stock had previously closed at $120.64.

A number of other analysts also recently issued reports on SPXC. StockNews.com downgraded shares of SPX Technologies from a “buy” rating to a “hold” rating in a report on Friday, March 15th. Oppenheimer reissued an “outperform” rating and set a $124.00 price target (up from $118.00) on shares of SPX Technologies in a report on Friday, February 23rd. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $130.00.

Insiders Place Their Bets

In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the completion of the transaction, the insider now directly owns 82,884 shares in the company, valued at $9,747,987.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 667,045 shares in the company, valued at $76,936,970.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John William Swann III sold 32,325 shares of the stock in a transaction dated Wednesday, March 20th. The shares were 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 owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,373 shares of company stock worth $10,962,146. Company insiders own 4.02% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

Hedge funds have recently modified their holdings of the business. FMR LLC raised its position in shares of SPX Technologies by 23.0% in the third quarter. FMR LLC now owns 1,338,942 shares of the company’s stock valued at $108,990,000 after buying an additional 250,494 shares during the last quarter. Sei Investments Co. grew its holdings in shares of SPX Technologies by 16.7% in the third quarter. Sei Investments Co. now owns 162,586 shares of the company’s stock valued at $13,235,000 after purchasing an additional 23,287 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of SPX Technologies by 11.7% in the third quarter. Ameriprise Financial Inc. now owns 1,579,646 shares of the company’s stock valued at $128,583,000 after purchasing an additional 165,544 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of SPX Technologies by 4.2% in the third quarter. Janney Montgomery Scott LLC now owns 4,176 shares of the company’s stock valued at $340,000 after purchasing an additional 170 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in shares of SPX Technologies by 8.6% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 171,933 shares of the company’s stock valued at $13,995,000 after purchasing an additional 13,610 shares during the period. 92.82% of the stock is currently owned by institutional investors and hedge funds.

SPX Technologies Price Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.77 and a quick ratio of 1.08. The stock’s fifty day moving average is $110.63 and its 200-day moving average is $95.48. The stock has a market cap of $5.63 billion, a PE ratio of 64.15, a price-to-earnings-growth ratio of 1.34 and a beta of 1.25.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $1.25 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.25. SPX Technologies had a net margin of 5.16% and a return on equity of 17.30%. The firm had revenue of $469.40 million during the quarter, compared to analyst estimates of $481.98 million. During the same quarter in the prior year, the firm posted $1.17 earnings per share. SPX Technologies’s quarterly revenue was up 9.3% on a year-over-year basis. As a group, equities analysts anticipate that SPX Technologies, Inc. will post 5.03 EPS for the current year.

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.