SPX Technologies (NYSE:SPXC) Lowered to “Hold” at StockNews.com

StockNews.com downgraded shares of SPX Technologies (NYSE:SPXCFree Report) from a buy rating to a hold rating in a report published on Tuesday.

Separately, Oppenheimer reissued an outperform rating and issued a $124.00 price target (up previously from $118.00) on shares of SPX Technologies in a research note on Friday, February 23rd. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $107.00.

Get Our Latest Analysis on SPXC

SPX Technologies Price Performance

NYSE SPXC opened at $115.64 on Tuesday. SPX Technologies has a twelve month low of $61.09 and a twelve month high of $118.14. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77. The stock has a market capitalization of $5.28 billion, a PE ratio of 60.23, a P/E/G ratio of 1.26 and a beta of 1.25. The stock has a 50-day simple moving average of $105.56 and a 200 day simple moving average of $91.83.

SPX Technologies (NYSE:SPXCGet Free Report) last issued its earnings results on Thursday, February 22nd. The company reported $1.25 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.25. The business had revenue of $469.40 million during the quarter, compared to analysts’ expectations of $481.98 million. SPX Technologies had a return on equity of 17.30% and a net margin of 5.16%. SPX Technologies’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.17 EPS. Research analysts anticipate that SPX Technologies will post 5.03 EPS for the current year.

Insider Activity at SPX Technologies

In other SPX Technologies news, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $115.34, for a total transaction 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 approximately $76,936,970.30. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SPX Technologies

Large investors have recently added to or reduced their stakes in the business. Cim LLC bought a new position in shares of SPX Technologies during the 4th quarter worth approximately $320,000. Harbour Investments Inc. bought a new stake in shares of SPX Technologies in the 4th quarter worth approximately $45,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of SPX Technologies in the 4th quarter worth approximately $262,000. Port Capital LLC bought a new stake in shares of SPX Technologies in the 4th quarter worth approximately $18,178,000. Finally, Barclays PLC grew its stake in SPX Technologies by 146.4% in the 4th quarter. Barclays PLC now owns 77,793 shares of the company’s stock valued at $7,858,000 after buying an additional 46,227 shares in the last quarter. Institutional investors own 89.93% of the company’s stock.

About SPX Technologies

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SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, China, the United Kingdom, and internationally. 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 and comfort heating and ventilation products for the residential and commercial markets.

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