SPX Technologies (NYSE:SPXC) Price Target Lowered to $160.00 at UBS Group

SPX Technologies (NYSE:SPXC) had its price objective lowered by equities research analysts at UBS Group from $164.00 to $160.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s target price would indicate a potential upside of 6.95% from the stock’s previous close.

SPXC has been the topic of several other research reports. Sidoti downgraded SPX Technologies from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $187.00 to $175.00 in a report on Friday, December 6th. Wolfe Research began coverage on SPX Technologies in a report on Monday, November 25th. They issued an “outperform” rating and a $199.00 target price for the company. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $168.50.

SPX Technologies Price Performance

SPXC opened at $149.60 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.85 and a debt-to-equity ratio of 0.49. The company’s 50-day moving average price is $159.49 and its 200 day moving average price is $155.32. SPX Technologies has a fifty-two week low of $95.00 and a fifty-two week high of $183.83. The firm has a market cap of $6.94 billion, a price-to-earnings ratio of 40.22, a price-to-earnings-growth ratio of 1.55 and a beta of 1.30.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.01. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The business had revenue of $483.70 million for the quarter, compared to the consensus estimate of $501.02 million. During the same quarter last year, the business posted $1.06 EPS. The business’s revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts expect that SPX Technologies will post 5.56 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SPXC. Assetmark Inc. increased its stake in SPX Technologies by 4.7% during the third quarter. Assetmark Inc. now owns 1,745 shares of the company’s stock valued at $278,000 after acquiring an additional 78 shares during the period. Evergreen Capital Management LLC lifted its position in SPX Technologies by 4.3% during the 2nd quarter. Evergreen Capital Management LLC now owns 3,538 shares of the company’s stock worth $503,000 after buying an additional 146 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of SPX Technologies by 1.6% during the third quarter. PNC Financial Services Group Inc. now owns 10,233 shares of the company’s stock worth $1,632,000 after purchasing an additional 158 shares in the last quarter. M&T Bank Corp grew its stake in shares of SPX Technologies by 0.4% during the third quarter. M&T Bank Corp now owns 37,541 shares of the company’s stock valued at $5,986,000 after purchasing an additional 160 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of SPX Technologies by 14.3% in the third quarter. KBC Group NV now owns 1,295 shares of the company’s stock valued at $207,000 after purchasing an additional 162 shares in the last quarter. 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.