SPX Technologies, Inc. (NYSE:SPXC) Stock Has Average Price Target of $243.82 According to Brokerages

Shares of SPX Technologies, Inc. (NYSE:SPXC) have been given an average recommendation of “Moderate Buy” by the fourteen research firms that are currently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $240.36.

SPXC has been the topic of a number of recent analyst reports. Weiss Ratings cut shares of SPX Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. Oppenheimer decreased their target price on shares of SPX Technologies from $265.00 to $260.00 and set an “outperform” rating on the stock in a research note on Monday, November 2nd. Wall Street Zen upgraded shares of SPX Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, October 31st. Wells Fargo & Company decreased their price objective on SPX Technologies from $250.00 to $243.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 13th. Finally, Truist Financial reaffirmed a “buy” rating and set a $233.00 price objective (down from $266.00) on shares of SPX Technologies in a research report on Monday, November 2nd.

SPX Technologies Trading Up 2.8%

Shares of NYSE:SPXC opened at $142.46 on Monday. SPX Technologies has a one year low of $137.86 and a one year high of $251.08. The company’s 50-day moving average price is $173.38 and its two-hundred day moving average price is $205.96. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.17. The stock has a market capitalization of $7.14 billion, a PE ratio of 20.74, a price-to-earnings-growth ratio of 1.07 and a beta of 1.26.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings results on Thursday, October 29th. The company reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.09. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. The company had revenue of $714.50 million for the quarter, compared to analysts’ expectations of $710.38 million. During the same period in the prior year, the company posted $1.84 EPS. SPX Technologies’s revenue was up 20.5% compared to the same quarter last year. On average, equities analysts forecast that SPX Technologies will post 8.39 EPS for the current fiscal year.

Insider Activity at SPX Technologies

In other SPX Technologies news, Director Brian A. Deck acquired 3,000 shares of the business’s stock in a transaction on Tuesday, November 3rd. The shares were acquired at an average price of $164.34 per share, with a total value of $493,020.00. Following the completion of the transaction, the director owned 3,742 shares in the company, valued at approximately $614,960.28. This trade represents a 404.31% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.88% of the company’s stock.

Hedge Funds Weigh In On SPX Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of SPXC. BlackRock Inc. bought a new stake in SPX Technologies in the second quarter worth approximately $1,189,365,000. Jupiter Topco LLC purchased a new position in shares of SPX Technologies during the 2nd quarter valued at $465,593,000. First Trust Advisors LP raised its stake in SPX Technologies by 181.4% in the first quarter. First Trust Advisors LP now owns 1,362,871 shares of the company’s stock valued at $272,492,000 after buying an additional 878,494 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of SPX Technologies by 5.9% in the 1st quarter. Janus Henderson Group PLC now owns 765,245 shares of the company’s stock valued at $153,011,000 after acquiring an additional 42,921 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of SPX Technologies by 4.1% in the 1st quarter. Principal Financial Group Inc. now owns 445,434 shares of the company’s stock worth $89,060,000 after acquiring an additional 17,524 shares during the period. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

SPX Technologies Company Profile

SPX Technologies, Inc (NYSE:SPXC) is a diversified industrial technology company that develops and manufactures engineered products and solutions for the heating, ventilation, air conditioning and infrastructure markets. The company serves commercial, industrial and residential customers through specialized technologies designed to support building climate control, utility infrastructure and related applications.

SPX Technologies operates through two primary business segments: HVAC and Detection & Measurement.