William Blair Reaffirms Outperform Rating for SPX Technologies (NYSE:SPXC)

William Blair reissued their outperform rating on shares of SPX Technologies (NYSE:SPXC) in a research report sent to investors on Friday, Zacks.com reports.

Several other analysts have also recently weighed in on SPXC. UBS Group raised their target price on shares of SPX Technologies from $90.00 to $126.00 and gave the company a neutral rating in a report on Wednesday, March 27th. StockNews.com raised shares of SPX Technologies from a hold rating to a buy rating in a research report on Friday. Finally, Oppenheimer raised their price target on SPX Technologies from $134.00 to $140.00 and gave the company an outperform rating in a research note on Friday. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $133.00.

SPX Technologies Stock Up 2.5 %

Shares of SPXC opened at $134.27 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.70 and a current ratio of 1.12. The stock has a market capitalization of $6.21 billion, a PE ratio of 65.50, a P/E/G ratio of 1.35 and a beta of 1.24. The company’s 50-day simple moving average is $119.49 and its 200-day simple moving average is $103.68. SPX Technologies has a 1 year low of $70.84 and a 1 year high of $135.90.

SPX Technologies (NYSE:SPXC) last released its earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 18.18%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.93 EPS. Analysts forecast that SPX Technologies will post 5.38 earnings per share for the current fiscal year.

Insider Activity

In related news, insider John William Swann III sold 32,325 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 82,884 shares in the company, valued at approximately $9,747,987.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the sale, the chief executive officer now owns 597,936 shares in the company, valued at $69,049,649.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John William Swann III sold 32,325 shares of SPX Technologies 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 transaction, 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 three months, insiders sold 94,373 shares of company stock valued at $10,962,146. Insiders own 3.53% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

Hedge funds have recently added to or reduced their stakes in the company. YHB Investment Advisors Inc. acquired a new stake in shares of SPX Technologies in the 1st quarter valued at approximately $51,000. Palisade Asset Management LLC acquired a new stake in SPX Technologies in the first quarter valued at $74,000. TFO Wealth Partners LLC grew its stake in shares of SPX Technologies by 58,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,170 shares of the company’s stock worth $118,000 after purchasing an additional 1,168 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of SPX Technologies by 54.9% in the 4th quarter. Quadrant Capital Group LLC now owns 1,340 shares of the company’s stock valued at $135,000 after purchasing an additional 475 shares in the last quarter. Finally, MCF Advisors LLC acquired a new stake in shares of SPX Technologies in the fourth quarter valued at about $173,000. Institutional investors and hedge funds own 92.82% of the company’s stock.

About SPX Technologies

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.