Wolfe Research Reaffirms “Outperform” Rating for SPX Technologies (NYSE:SPXC)

SPX Technologies (NYSE:SPXC)‘s stock had its “outperform” rating restated by investment analysts at Wolfe Research in a note issued to investors on Tuesday, Benzinga reports. They presently have a $250.00 price objective on the stock. Wolfe Research’s price objective indicates a potential upside of 36.65% from the company’s current price.

SPXC has been the subject of several other research reports. Zacks Research raised shares of SPX Technologies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. Wall Street Zen raised shares of SPX Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Wells Fargo & Company reiterated an “overweight” rating and set a $250.00 price target on shares of SPX Technologies in a report on Monday, August 3rd. Weiss Ratings raised shares of SPX Technologies from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, September 4th. Finally, Oppenheimer reissued an “outperform” rating and set a $280.00 price objective (up from $272.00) on shares of SPX Technologies in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, SPX Technologies has an average rating of “Buy” and an average price target of $264.89.

SPX Technologies Stock Performance

NYSE:SPXC opened at $182.95 on Tuesday. The firm has a 50-day moving average price of $208.00 and a two-hundred day moving average price of $213.50. The company has a market capitalization of $9.16 billion, a P/E ratio of 32.90, a price-to-earnings-growth ratio of 1.25 and a beta of 1.27. SPX Technologies has a twelve month low of $179.62 and a twelve month high of $251.08. The company has a current ratio of 1.82, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings data on Thursday, July 30th. The company reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.17. SPX Technologies had a net margin of 11.27% and a return on equity of 16.53%. The business had revenue of $679.00 million during the quarter, compared to analysts’ expectations of $640.18 million. During the same period last year, the company posted $1.65 EPS. The company’s revenue was up 22.9% on a year-over-year basis. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. As a group, research analysts expect that SPX Technologies will post 8.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SPXC. Renaissance Technologies LLC acquired a new position in shares of SPX Technologies in the first quarter worth about $1,000,000. Oppenheimer Asset Management Inc. acquired a new stake in SPX Technologies during the 2nd quarter valued at approximately $4,903,000. Principal Financial Group Inc. grew its stake in SPX Technologies by 4.1% during the 1st quarter. Principal Financial Group Inc. now owns 445,434 shares of the company’s stock valued at $89,060,000 after purchasing an additional 17,524 shares in the last quarter. Bank of America Corp DE increased its holdings in SPX Technologies by 13.0% during the 1st quarter. Bank of America Corp DE now owns 316,883 shares of the company’s stock worth $63,358,000 after purchasing an additional 36,340 shares during the last quarter. Finally, Inceptionr LLC increased its holdings in SPX Technologies by 101.6% during the 4th quarter. Inceptionr LLC now owns 5,691 shares of the company’s stock worth $1,139,000 after purchasing an additional 2,868 shares during the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

About SPX Technologies

SPX Technologies, Inc is a Charlotte, North Carolina-based industrial technology company that provides equipment and services used in heating, ventilation, air conditioning, cooling, and infrastructure applications. The company serves customers in commercial, industrial, utility, and residential markets through operations in North America and internationally.

SPX Technologies operates through two principal segments: HVAC and Detection & Measurement. Its HVAC businesses develop and manufacture cooling towers, evaporative cooling systems, air-conditioning and heating equipment, boilers, and related products.