William Blair Reiterates “Outperform” Rating for SPX Technologies (NYSE:SPXC)

SPX Technologies (NYSE:SPXC)‘s stock had its “outperform” rating reissued by William Blair in a research report issued to clients and investors on Friday, Zacks.com reports.

Several other brokerages have also recently commented on SPXC. Oppenheimer raised their target price on SPX Technologies from $134.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday. UBS Group boosted their target price on SPX Technologies from $90.00 to $126.00 and gave the company a “neutral” rating in a research note on Wednesday, March 27th. Finally, StockNews.com upgraded shares of SPX Technologies from a “hold” rating to a “buy” rating in a research note 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $133.00.

SPX Technologies Trading Up 2.5 %

Shares of NYSE SPXC opened at $134.27 on Friday. The business has a fifty day simple moving average of $119.49 and a 200-day simple moving average of $103.68. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 65.50, a P/E/G ratio of 1.35 and a beta of 1.24. SPX Technologies has a 12 month low of $70.84 and a 12 month high of $135.90. The company has a quick ratio of 0.70, a current ratio of 1.12 and a debt-to-equity ratio of 0.42.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Thursday, May 2nd. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.06 by $0.19. The company had revenue of $465.20 million during the quarter, compared to analysts’ expectations of $454.05 million. SPX Technologies had a net margin of 5.32% and a return on equity of 18.18%. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period last year, the company posted $0.93 earnings per share. Sell-side analysts predict that SPX Technologies will post 5.38 EPS for the current year.

Insider Activity at SPX Technologies

In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of the business’s stock in a transaction on 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 filing with the Securities & Exchange Commission, which is available through this link. In other SPX Technologies news, insider John William Swann III sold 32,325 shares of SPX Technologies 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 transaction, the insider now directly owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $76,936,970.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 94,373 shares of company stock valued at $10,962,146. Corporate insiders own 3.53% of the company’s stock.

Hedge Funds Weigh In On SPX Technologies

Several large investors have recently bought and sold shares of SPXC. Quantbot Technologies LP bought a new position in shares of SPX Technologies during the 1st quarter worth about $675,000. Texas Permanent School Fund Corp grew its holdings in shares of SPX Technologies by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 39,951 shares of the company’s stock worth $4,919,000 after purchasing an additional 518 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of SPX Technologies during the first quarter valued at approximately $1,522,000. Nordea Investment Management AB raised its stake in shares of SPX Technologies by 160.6% in the first quarter. Nordea Investment Management AB now owns 382,490 shares of the company’s stock valued at $47,069,000 after purchasing an additional 235,720 shares in the last quarter. Finally, Palisade Asset Management LLC acquired a new stake in SPX Technologies during the first quarter worth $74,000. 92.82% of the stock is currently owned by institutional investors and hedge funds.

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.