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 note published on Friday, Zacks.com reports.

Several other research firms have also commented on SPXC. StockNews.com raised shares of SPX Technologies from a hold rating to a buy rating in a research report on Friday. UBS Group upped 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. Finally, Oppenheimer increased their price target on shares of SPX Technologies from $134.00 to $140.00 and gave the stock an outperform rating in a research report on Friday. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, SPX Technologies presently has a consensus rating of Moderate Buy and a consensus price target of $133.00.

SPX Technologies Trading Up 2.5 %

Shares of SPXC stock opened at $134.27 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.70 and a debt-to-equity ratio of 0.42. SPX Technologies has a 12-month low of $70.84 and a 12-month high of $135.90. The stock has a market capitalization of $6.21 billion, a P/E ratio of 65.50, a P/E/G ratio of 1.35 and a beta of 1.24. The firm’s 50 day moving average is $119.49 and its 200 day moving average is $103.68.

SPX Technologies (NYSE:SPXC) last released its quarterly 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 firm had revenue of $465.20 million for the quarter, compared to the consensus estimate of $454.05 million. SPX Technologies had a return on equity of 18.18% and a net margin of 5.32%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period last year, the business posted $0.93 EPS. Research analysts expect that SPX Technologies will post 5.38 earnings per share for the current year.

Insider Buying and Selling

In other news, insider John William Swann III sold 32,325 shares of the stock in a transaction 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 directly owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The sale was disclosed in a filing with the SEC, 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 transaction of $3,123,503.04. Following the sale, the chief executive officer now owns 597,936 shares of the company’s stock, valued at approximately $69,049,649.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John William Swann III sold 32,325 shares of the business’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 value 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 94,373 shares of company stock valued at $10,962,146. 3.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SPX Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp lifted its position in shares of SPX Technologies by 2.7% in the first quarter. Fifth Third Bancorp now owns 4,524 shares of the company’s stock worth $557,000 after buying an additional 118 shares in the last quarter. Navellier & Associates Inc. raised its holdings 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 acquiring an additional 125 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of SPX Technologies by 4.3% during 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 during the last quarter. 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 in the last quarter. Finally, Arizona State Retirement System increased its position in SPX Technologies by 1.4% in the third quarter. Arizona State Retirement System now owns 12,966 shares of the company’s stock worth $1,055,000 after purchasing an additional 175 shares during the last quarter. Institutional investors 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.