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

SPX Technologies (NYSE:SPXC) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

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

SPX Technologies Stock Up 7.4 %

Shares of NYSE SPXC opened at $130.94 on Friday. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 63.87, a PEG ratio of 1.44 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. SPX Technologies has a 12 month low of $61.09 and a 12 month high of $132.79. The stock has a 50-day moving average price of $118.99 and a two-hundred day moving average price of $103.12.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.19. The company had revenue of $465.20 million for the quarter, compared to analyst estimates of $454.05 million. SPX Technologies had a net margin of 5.32% and a return on equity of 18.44%. The firm’s revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.93 EPS. As a group, analysts forecast that SPX Technologies will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SPX Technologies

In related news, CEO Eugene Joseph Lowe III sold 27,048 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $115.48, for a total value of $3,123,503.04. Following the completion of the sale, the chief executive officer now directly owns 597,936 shares in the company, valued at $69,049,649.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $115.48, for a total value of $3,123,503.04. Following the transaction, the chief executive officer now directly owns 597,936 shares of the company’s stock, valued at $69,049,649.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John William Swann III sold 32,325 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the completion of the sale, the insider now owns 82,884 shares in the company, valued at $9,747,987.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 94,373 shares of company stock worth $10,962,146. 3.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SPX Technologies

Several large investors have recently modified their holdings of the company. Fifth Third Bancorp grew its stake in SPX Technologies by 2.7% during the first quarter. Fifth Third Bancorp now owns 4,524 shares of the company’s stock worth $557,000 after purchasing an additional 118 shares during the period. Navellier & Associates Inc. grew its position in shares of SPX Technologies by 1.4% during the 3rd quarter. Navellier & Associates Inc. now owns 8,814 shares of the company’s stock worth $717,000 after buying an additional 125 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of SPX Technologies by 4.3% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,182 shares of the company’s stock valued at $321,000 after acquiring an additional 132 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of SPX Technologies by 4.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 4,176 shares of the company’s stock valued at $340,000 after acquiring an additional 170 shares during the period. Finally, Arizona State Retirement System lifted its position in shares of SPX Technologies by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 12,966 shares of the company’s stock valued at $1,055,000 after acquiring an additional 175 shares during the period. 92.82% of the stock is currently owned by institutional investors and hedge funds.

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.