SPX Technologies (NYSE:SPXC) Stock Rating Reaffirmed by Oppenheimer

SPX Technologies (NYSE:SPXC)‘s stock had its “outperform” rating reiterated by Oppenheimer in a research note issued to investors on Thursday, Benzinga reports. They presently have a $134.00 price objective on the stock, up from their previous price objective of $124.00. Oppenheimer’s price target points to a potential upside of 10.36% from the stock’s current price.

Several other analysts also recently issued reports on the company. UBS Group upped their price target on SPX Technologies from $90.00 to $126.00 and gave the stock a “neutral” rating in a research note on Wednesday. StockNews.com downgraded SPX Technologies from a “buy” rating to a “hold” rating in a research note on Friday, March 15th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, SPX Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $130.00.

SPX Technologies Stock Performance

SPXC opened at $121.42 on Thursday. The company has a market cap of $5.55 billion, a PE ratio of 63.24, a price-to-earnings-growth ratio of 1.33 and a beta of 1.25. The stock has a 50-day moving average of $110.16 and a 200-day moving average of $95.29. SPX Technologies has a 52-week low of $61.09 and a 52-week high of $122.97. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings results on Thursday, February 22nd. The company reported $1.25 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.25. The company had revenue of $469.40 million during the quarter, compared to the consensus estimate of $481.98 million. SPX Technologies had a return on equity of 17.30% and a net margin of 5.16%. The firm’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.17 EPS. As a group, equities research analysts forecast that SPX Technologies will post 5.03 earnings per share for the current fiscal year.

Insider Buying and Selling at SPX Technologies

In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the company’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 owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the company’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 owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $115.34, for a total value of $4,036,900.00. Following the completion of the transaction, 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. Insiders sold a total of 94,373 shares of company stock valued at $10,962,146 in the last quarter. Corporate insiders own 4.02% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Navellier & Associates Inc. boosted its position in SPX Technologies by 1.4% in the 3rd quarter. Navellier & Associates Inc. now owns 8,814 shares of the company’s stock valued at $717,000 after buying an additional 125 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in SPX Technologies by 4.3% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,182 shares of the company’s stock valued at $321,000 after buying an additional 132 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of SPX Technologies by 0.6% in the 2nd quarter. MetLife Investment Management LLC now owns 23,086 shares of the company’s stock worth $1,962,000 after purchasing an additional 137 shares during the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of SPX Technologies by 4.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,648 shares of the company’s stock worth $310,000 after purchasing an additional 144 shares during the last quarter. Finally, Huntington National Bank raised its stake in SPX Technologies by 45.5% during the 2nd quarter. Huntington National Bank now owns 467 shares of the company’s stock worth $40,000 after buying an additional 146 shares during the period. 92.82% of the stock is 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.